Goodyear Tire & Rubber (NASDAQ:GT) Shares Up 6.8% – What’s Next?

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) traded up 6.8% on Thursday . The stock traded as high as $7.21 and last traded at $7.1950. 3,867,638 shares were traded during mid-day trading, a decline of 55% from the average session volume of 8,553,177 shares. The stock had previously closed at $6.74.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen dropped their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.54.

Goodyear Tire & Rubber Stock Up 7.9%

The company’s 50-day moving average price is $6.20 and its 200 day moving average price is $7.42. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The stock has a market cap of $2.09 billion, a PE ratio of -1.01 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) 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 company had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.81 billion. During the same period in the previous year, the business posted ($0.04) earnings per share. The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. As a group, analysts forecast that The Goodyear Tire & Rubber Company will post -0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently bought and sold shares of the stock. EFG International AG bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter worth about $26,000. Los Angeles Capital Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter valued at about $26,000. Focus Partners Wealth bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at approximately $25,000. EverSource Wealth Advisors LLC grew its stake in shares of Goodyear Tire & Rubber by 656.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after acquiring an additional 5,248 shares during the period. Finally, Parallel Advisors LLC increased its holdings in Goodyear Tire & Rubber by 55.5% in the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock worth $62,000 after acquiring an additional 2,538 shares in the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

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.