The Goodyear Tire & Rubber Company (NASDAQ:GT – Get Free Report)’s stock price reached a new 52-week low during trading on Tuesday after Citigroup lowered their price target on the stock from $8.00 to $5.00. Citigroup currently has a neutral rating on the stock. Goodyear Tire & Rubber traded as low as $4.07 and last traded at $4.1350, with a volume of 1,000,101 shares traded. The stock had previously closed at $4.18.
GT has been the subject of several other reports. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Wednesday, November 4th. JPMorgan Chase & Co. cut 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. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Friday, October 16th. Finally, Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $7.46.
Get Our Latest Stock Analysis on GT
Trending Headlines about Goodyear Tire & Rubber
Here are the key news stories impacting Goodyear Tire & Rubber this week:
- Negative Sentiment: Stewart left the CEO role effective immediately. Board member Roger Wood was named interim CEO as the board searches for a permanent successor, adding leadership uncertainty while Goodyear works to strengthen its business. Goodyear Tire CEO Mark Stewart steps down as company continues turnaround plan
- Negative Sentiment: Citigroup cut its price target to $5 from $8 and maintained a neutral rating. Although the new target is above the cited share price, the sizable reduction signals a more cautious outlook. Citigroup stock recommendations
Institutional Investors Weigh In On Goodyear Tire & Rubber
Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Goodyear Tire & Rubber during the second quarter worth approximately $238,776,000. Dimensional Fund Advisors LP increased its holdings in Goodyear Tire & Rubber by 8.9% in the first quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after purchasing an additional 1,352,085 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Goodyear Tire & Rubber in the second quarter valued at approximately $78,278,000. Cibc World Market Inc. acquired a new position in Goodyear Tire & Rubber in the second quarter valued at approximately $18,676,000. Finally, Bank of America Corp DE acquired a new position in Goodyear Tire & Rubber in the second quarter valued at approximately $17,313,000. Institutional investors own 84.19% of the company’s stock.
Goodyear Tire & Rubber Price Performance
The stock has a market capitalization of $1.19 billion, a P/E ratio of -2.04 and a beta of 1.22. The business has a fifty day simple moving average of $4.91 and a 200-day simple moving average of $6.52. 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 – Get Free Report) last released its quarterly earnings data 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). The company had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.59 billion. Goodyear Tire & Rubber had a negative net margin of 3.33% and a negative return on equity of 6.48%. The business’s revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.28 EPS. Sell-side analysts expect that The Goodyear Tire & Rubber Company will post -1.03 earnings per share for the current fiscal year.
Goodyear Tire & Rubber Company Profile
The Goodyear Tire & Rubber Company is a global manufacturer of tires and related products and services. Founded in Akron, Ohio, in 1898, the company makes tires for passenger and light trucks, commercial vehicles, aircraft, and off-road equipment, as well as for original-equipment and replacement markets.
Goodyear sells products under brands including Goodyear and Cooper. Its tire-related offerings also include retreading, vehicle and fleet services, and solutions for commercial customers.
The company serves customers across markets around the world and is headquartered in Akron, Ohio.
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