Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Down – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $6.84, but opened at $6.48. Goodyear Tire & Rubber shares last traded at $6.4350, with a volume of 1,517,902 shares trading hands.

Analysts Set New Price Targets

A number of analysts have weighed in on GT shares. JPMorgan Chase & Co. restated an “overweight” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Citigroup cut their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, Zacks Research cut Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Two 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. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $8.54.

Goodyear Tire & Rubber Price Performance

The stock has a market cap of $1.87 billion, a P/E ratio of -0.90 and a beta of 1.12. The company’s 50 day moving average price is $6.30 and its 200-day moving average price is $7.62. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. Goodyear Tire & Rubber’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. As a group, sell-side analysts expect that The Goodyear Tire & Rubber Company will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Goodyear Tire & Rubber by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock valued at $1,567,000 after acquiring an additional 7,453 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Goodyear Tire & Rubber in the 1st quarter worth approximately $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Goodyear Tire & Rubber by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock valued at $6,074,000 after purchasing an additional 15,064 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Goodyear Tire & Rubber by 6.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Goodyear Tire & Rubber by 23.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock worth $156,000 after buying an additional 2,855 shares during the period. 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.