Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Up 4.8% – Here’s Why

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price traded up 4.8% on Wednesday . The company traded as high as $6.45 and last traded at $6.4950. 2,718,926 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 8,613,085 shares. The stock had previously closed at $6.20.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Citigroup cut their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. JPMorgan Chase & Co. lifted their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus target price of $8.26.

Goodyear Tire & Rubber Price Performance

The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92. The stock has a market cap of $1.77 billion, a PE ratio of -0.70 and a beta of 1.12. The company has a fifty day moving average of $6.60 and a 200-day moving average of $6.84.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.Goodyear Tire & Rubber’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. Sell-side analysts expect that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. lifted its holdings in Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after buying an additional 1,011 shares in the last quarter. Pin Oak Investment Advisors Inc. grew its stake in shares of Goodyear Tire & Rubber by 1.4% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock worth $657,000 after acquiring an additional 1,065 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Goodyear Tire & Rubber by 11.5% in the fourth quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company’s stock worth $98,000 after acquiring an additional 1,152 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Goodyear Tire & Rubber by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock worth $1,153,000 after acquiring an additional 1,282 shares during the period. Finally, Advisory Services Network LLC raised its stake in shares of Goodyear Tire & Rubber by 2.8% in the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock valued at $496,000 after acquiring an additional 1,529 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.