Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Down – Here’s What Happened

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) gapped down before the market opened on Monday. The stock had previously closed at $4.36, but opened at $4.15. Goodyear Tire & Rubber shares last traded at $4.2650, with a volume of 1,393,083 shares trading hands.

Analyst Upgrades and Downgrades

GT has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Wednesday. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Friday, October 16th. JPMorgan Chase & Co. dropped their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Finally, Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $8.06.

Goodyear Tire & Rubber Trading Down 4.7%

The firm has a market capitalization of $1.20 billion, a PE ratio of -2.04 and a beta of 1.22. The firm has a 50 day simple moving average of $4.95 and a 200 day simple moving average of $6.55. The company has a current ratio of 1.12, a quick ratio of 0.59 and a debt-to-equity ratio of 2.16.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Wednesday, November 4th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). Goodyear Tire & Rubber had a negative return on equity of 6.69% and a negative net margin of 3.33%. The business had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.59 billion. During the same quarter in the prior year, the firm earned $0.28 EPS. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities analysts expect that The Goodyear Tire & Rubber Company will post -1.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. increased its holdings in Goodyear Tire & Rubber by 15.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 717,770 shares of the company’s stock worth $3,568,000 after buying an additional 96,351 shares in the last quarter. Maryland State Retirement & Pension System purchased a new position in Goodyear Tire & Rubber in the 3rd quarter worth about $319,000. Illinois Municipal Retirement Fund bought a new position in Goodyear Tire & Rubber during the 3rd quarter valued at about $803,000. AlphaCore Capital LLC bought a new position in Goodyear Tire & Rubber during the 3rd quarter valued at about $123,000. Finally, Fulcrum Asset Management LLP lifted its stake in Goodyear Tire & Rubber by 7,634.3% during the 3rd quarter. Fulcrum Asset Management LLP now owns 25,291 shares of the company’s stock valued at $126,000 after acquiring an additional 24,964 shares during the period. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Company is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires and related products for passenger vehicles, commercial trucks, aircraft, motorcycles, agricultural equipment and off-road vehicles.

Goodyear serves consumer, commercial and original-equipment customers through a portfolio that includes Goodyear and other regional and market-specific brands. Its offerings include replacement tires, tires supplied to vehicle manufacturers, retreading products and related solutions designed to support vehicle performance, safety and efficiency.

In addition to manufacturing, Goodyear operates tire and automotive service locations and provides fleet-management, maintenance and other mobility-related services for commercial customers.