Goodyear Tire & Rubber (NASDAQ:GT) Share Price Passes Above Fifty Day Moving Average – Here’s Why

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $6.30 and traded as high as $6.86. Goodyear Tire & Rubber shares last traded at $6.8440, with a volume of 18,474,545 shares.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Citigroup dropped their price target on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. TD Cowen cut their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Finally, 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. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $8.54.

Goodyear Tire & Rubber Trading Up 6.3%

The business’s 50 day simple moving average is $6.30 and its 200 day simple moving average is $7.62. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -0.95 and a beta of 1.12. 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 earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.81 billion. During the same period in the prior year, the firm earned ($0.04) EPS. Goodyear Tire & Rubber’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, research analysts expect that The Goodyear Tire & Rubber Company will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Focus Partners Wealth acquired a new stake in Goodyear Tire & Rubber during the 3rd quarter valued at $25,000. EFG International AG acquired a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at $26,000. Los Angeles Capital Management LLC bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at about $26,000. EverSource Wealth Advisors LLC raised its position in shares of Goodyear Tire & Rubber by 656.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after purchasing an additional 5,248 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of Goodyear Tire & Rubber by 55.5% during the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock worth $62,000 after buying an additional 2,538 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

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.