Goodyear Tire & Rubber (NASDAQ:GT) Sets New 1-Year Low – Here’s Why

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) hit a new 52-week low during trading on Friday . The company traded as low as $5.35 and last traded at $5.37, with a volume of 13683749 shares traded. The stock had previously closed at $5.54.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their price target on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Wall Street Zen upgraded shares of 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 investment 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. Based on data from MarketBeat, Goodyear Tire & Rubber has an average rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Trading Down 3.1%

The company has a market cap of $1.55 billion, a P/E ratio of -0.61 and a beta of 1.10. 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 business has a 50 day moving average price of $6.51 and a 200-day moving average price of $6.60.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock worth $1,567,000 after purchasing an additional 7,453 shares during the period. United Services Automobile Association bought a new position in shares of Goodyear Tire & Rubber during the 1st quarter worth approximately $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Goodyear Tire & Rubber by 2.3% during 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 worth $6,074,000 after acquiring an additional 15,064 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of 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 acquiring an additional 1,011 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Goodyear Tire & Rubber by 23.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock valued at $156,000 after acquiring an additional 2,855 shares during the period. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.