Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT – Get Free Report) were down 6.9% during mid-day trading on Wednesday . The company traded as low as $6.59 and last traded at $6.5350. 1,759,105 shares were traded during trading, a decline of 80% from the average daily volume of 8,584,303 shares. The stock had previously closed at $7.02.
Analysts Set New Price Targets
Several research firms have recently weighed in on GT. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Citigroup reduced their target price on shares of 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. Finally, TD Cowen dropped their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber currently has an average rating of “Reduce” and an average price target of $8.54.
Goodyear Tire & Rubber Price Performance
Goodyear Tire & Rubber (NASDAQ:GT – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. The business had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The business’s revenue was down 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) earnings per share. On average, equities research analysts anticipate that The Goodyear Tire & Rubber Company will post -0.27 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Goodyear Tire & Rubber
Hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock valued at $1,567,000 after acquiring an additional 7,453 shares in the last quarter. United Services Automobile Association purchased a new position in Goodyear Tire & Rubber during the 1st quarter worth $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Goodyear Tire & Rubber by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock valued at $6,074,000 after purchasing an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 6.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after buying an additional 1,011 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Goodyear Tire & Rubber by 23.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock worth $156,000 after buying an additional 2,855 shares during the period. 84.19% of the stock is currently owned by 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.
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