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

The Goodyear Tire & Rubber Company (NASDAQ:GT) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $6.47 and last traded at $6.4650, with a volume of 7052755 shares changing hands. The stock had previously closed at $6.74.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GT. Morgan Stanley upped their price target on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a research report on Friday, November 28th. Citigroup raised their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Zacks Research lowered Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $10.30.

Goodyear Tire & Rubber Trading Up 0.2%

The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.57. The company has a fifty day moving average price of $8.72 and a two-hundred day moving average price of $8.30. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -1.07, a PEG ratio of 0.27 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, February 9th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). The company had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. As a group, research analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors have recently bought and sold shares of the company. Anderson Financial Strategies LLC grew its stake in shares of Goodyear Tire & Rubber by 5.1% in the 4th quarter. Anderson Financial Strategies LLC now owns 185,180 shares of the company’s stock valued at $1,622,000 after buying an additional 9,024 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Goodyear Tire & Rubber by 41.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,512 shares of the company’s stock valued at $145,000 after buying an additional 4,811 shares during the period. XTX Topco Ltd lifted its holdings in Goodyear Tire & Rubber by 31.4% in the fourth quarter. XTX Topco Ltd now owns 117,181 shares of the company’s stock valued at $1,027,000 after acquiring an additional 28,005 shares during the last quarter. VARCOV Co. purchased a new position in Goodyear Tire & Rubber in the fourth quarter worth approximately $137,000. Finally, Wellington Management Group LLP grew its position in Goodyear Tire & Rubber by 6.3% in the fourth quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock worth $245,699,000 after acquiring an additional 1,666,394 shares during the period. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Company Profile

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.