Goodyear Tire & Rubber (NASDAQ:GT) Sets New 12-Month Low – Here’s Why

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) reached a new 52-week low during trading on Monday . The company traded as low as $5.56 and last traded at $5.6850, with a volume of 503737 shares trading hands. The stock had previously closed at $5.64.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on GT shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Zacks Research lowered shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Sunday. Finally, Citigroup decreased their price target 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. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $8.54.

Goodyear Tire & Rubber Trading Up 0.8%

The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51. The firm’s 50 day moving average is $6.76 and its 200 day moving average is $8.01. The company has a market capitalization of $1.63 billion, a PE ratio of -0.79 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the previous year, the firm earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, equities analysts predict that The Goodyear Tire & Rubber Company will post -0.11 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Invenomic Capital Management LP purchased a new position in Goodyear Tire & Rubber during the 3rd quarter valued at $13,753,000. CenterBook Partners LP grew its stake in Goodyear Tire & Rubber by 166.1% in the third quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock worth $15,265,000 after purchasing an additional 1,273,883 shares during the period. Anderson Financial Strategies LLC purchased a new stake in Goodyear Tire & Rubber in the third quarter worth $1,318,000. Allianz Asset Management GmbH grew its stake in Goodyear Tire & Rubber by 76.3% in the third quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock worth $8,490,000 after purchasing an additional 491,210 shares during the period. Finally, Brevan Howard Capital Management LP grew its stake in Goodyear Tire & Rubber by 313.7% in the third quarter. Brevan Howard Capital Management LP now owns 438,206 shares of the company’s stock worth $3,278,000 after purchasing an additional 332,294 shares during the period. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Company Profile

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.