Goodyear Tire & Rubber (NASDAQ:GT) Trading Down 4.3% – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price fell 4.3% on Monday . The stock traded as low as $10.55 and last traded at $10.47. 763,498 shares were traded during mid-day trading, a decline of 86% from the average session volume of 5,517,269 shares. The stock had previously closed at $10.94.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GT. BNP Paribas Exane upgraded Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 price target on the stock in a research note on Monday, June 9th. Wall Street Zen downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. BNP Paribas upgraded Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 9th. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Monday, March 31st. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $17.00 price target (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $14.20.

Goodyear Tire & Rubber Price Performance

The firm has a 50 day moving average price of $10.78 and a 200 day moving average price of $9.77. The company has a quick ratio of 0.64, a current ratio of 1.22 and a debt-to-equity ratio of 1.44. The stock has a market cap of $2.96 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.31 and a beta of 1.40.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. Goodyear Tire & Rubber had a return on equity of 5.31% and a net margin of 1.30%. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter last year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GT. Rhumbline Advisers grew its position in shares of Goodyear Tire & Rubber by 1.3% during the fourth quarter. Rhumbline Advisers now owns 975,955 shares of the company’s stock worth $8,784,000 after purchasing an additional 12,359 shares in the last quarter. Allworth Financial LP grew its position in shares of Goodyear Tire & Rubber by 251.8% during the fourth quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock worth $40,000 after purchasing an additional 3,059 shares in the last quarter. Sanctuary Advisors LLC grew its position in shares of Goodyear Tire & Rubber by 11.3% during the fourth quarter. Sanctuary Advisors LLC now owns 11,901 shares of the company’s stock worth $110,000 after purchasing an additional 1,209 shares in the last quarter. Truist Financial Corp grew its position in shares of Goodyear Tire & Rubber by 5.2% during the fourth quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock worth $205,000 after purchasing an additional 1,115 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth about $79,000. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.