Goodyear Tire & Rubber (NASDAQ:GT) Sets New 12-Month Low – Time to Sell?

The Goodyear Tire & Rubber Company (NASDAQ:GT) hit a new 52-week low on Thursday. The company traded as low as $4.60 and last traded at $4.6550, with a volume of 790005 shares. The stock had previously closed at $4.69.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Friday, October 2nd. Two equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $8.06.

Goodyear Tire & Rubber Trading Down 0.7%

The stock has a fifty day moving average of $5.80 and a two-hundred day moving average of $6.27. The company has a market capitalization of $1.34 billion, a PE ratio of -0.53 and a beta of 1.22. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The business had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.19 billion. During the same period last year, the business earned ($0.17) earnings per share. The business’s quarterly revenue was down 4.8% on a year-over-year basis. As a group, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post -0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GT. Versant Capital Management Inc lifted its stake in shares of Goodyear Tire & Rubber by 190.1% in the 3rd quarter. Versant Capital Management Inc now owns 5,349 shares of the company’s stock valued at $27,000 after acquiring an additional 3,505 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in Goodyear Tire & Rubber by 16.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 21,396 shares of the company’s stock worth $141,000 after acquiring an additional 3,064 shares during the last quarter. WINTON GROUP Ltd bought a new position in Goodyear Tire & Rubber during the 2nd quarter worth approximately $1,560,000. Cidel Asset Management Inc. grew its position in Goodyear Tire & Rubber by 29.9% during the 2nd quarter. Cidel Asset Management Inc. now owns 19,172 shares of the company’s stock worth $127,000 after acquiring an additional 4,411 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in Goodyear Tire & Rubber in the 2nd quarter worth approximately $70,000. 84.19% of the stock is owned by institutional investors.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company (NASDAQ: GT) is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires for passenger vehicles, trucks, buses, aircraft, motorcycles, off-road vehicles and other applications.

Goodyear serves original-equipment and replacement markets through a portfolio of tire brands that includes Goodyear and Cooper, along with related products and services. Its offerings are sold through tire dealers, automotive retailers, distributors and other commercial channels, as well as to vehicle manufacturers.

The company operates across North America, Europe and other international markets.