Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Down 6% – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price fell 6% during mid-day trading on Monday . The company traded as low as $6.11 and last traded at $6.0550. 3,448,705 shares were traded during trading, a decline of 60% from the average daily volume of 8,595,379 shares. The stock had previously closed at $6.44.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on GT shares. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday. Citigroup cut their target price 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. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $8.47.

Goodyear Tire & Rubber Price Performance

The stock has a market capitalization of $1.75 billion, a PE ratio of -0.69 and a beta of 1.12. The business’s 50-day moving average price is $6.59 and its 200 day moving average price is $7.15. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The firm’s revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) earnings per share. Research analysts forecast that The Goodyear Tire & Rubber Company will post -0.26 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of large investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Goodyear Tire & Rubber in the second quarter worth approximately $238,776,000. Wellington Management Group LLP lifted its position in Goodyear Tire & Rubber by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock valued at $245,699,000 after purchasing an additional 1,666,394 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Goodyear Tire & Rubber by 8.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after buying an additional 1,352,085 shares in the last quarter. State Street Corp grew its stake in Goodyear Tire & Rubber by 0.4% in the 4th quarter. State Street Corp now owns 10,450,140 shares of the company’s stock worth $91,543,000 after buying an additional 36,786 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Goodyear Tire & Rubber by 151.8% in the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock worth $85,540,000 after buying an additional 5,886,935 shares during the last quarter. Institutional investors own 84.19% of the company’s stock.

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.