Goodyear Tire & Rubber (NASDAQ:GT) Reaches New 1-Year Low – What’s Next?

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $5.56 and last traded at $5.6850, with a volume of 503737 shares trading hands. The stock had previously closed at $5.64.

Analyst Ratings Changes

A number of research firms have issued reports on GT. JPMorgan Chase & Co. restated an “overweight” rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Finally, Citigroup reduced their target price on shares of 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. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $8.54.

Goodyear Tire & Rubber Trading Down 0.2%

The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51. The company’s 50 day moving average is $6.68 and its two-hundred day moving average is $7.99. The firm has a market cap of $1.61 billion, a P/E ratio of -0.77 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The business had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.81 billion. During the same quarter last year, the company earned ($0.04) earnings per share. The firm’s revenue was down 8.7% on a year-over-year basis. On average, sell-side analysts predict that The Goodyear Tire & Rubber Company will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. raised its position in Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after purchasing an additional 1,011 shares in the last quarter. Pin Oak Investment Advisors Inc. raised its position in 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 purchasing an additional 1,065 shares in the last quarter. Farther Finance Advisors LLC raised its position in 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 purchasing an additional 1,152 shares in the last quarter. Cetera Investment Advisers raised its position in Goodyear Tire & Rubber by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock worth $1,153,000 after purchasing an additional 1,282 shares in the last quarter. Finally, Advisory Services Network LLC raised its position in Goodyear Tire & Rubber by 2.8% in the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock worth $496,000 after purchasing 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.