Goodyear Tire & Rubber (NASDAQ:GT) Sets New 1-Year Low – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT) reached a new 52-week low during trading on Thursday . The company traded as low as $5.14 and last traded at $5.16, with a volume of 9293478 shares changing hands. The stock had previously closed at $5.25.

Analysts Set New Price Targets

Several brokerages recently weighed in on GT. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. JPMorgan Chase & Co. raised their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and an average price target of $8.26.

Goodyear Tire & Rubber Price Performance

The company has a market cap of $1.45 billion, a P/E ratio of -0.57 and a beta of 1.10. The company’s 50-day moving average price is $6.35 and its two-hundred day moving average price is $6.48. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same quarter last year, the business earned ($0.17) earnings per share. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. As a group, sell-side analysts expect that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. 180 Wealth Advisors LLC grew its holdings in Goodyear Tire & Rubber by 7.3% during the first quarter. 180 Wealth Advisors LLC now owns 25,658 shares of the company’s stock valued at $170,000 after purchasing an additional 1,747 shares during the period. Oregon Public Employees Retirement Fund increased its position in shares of Goodyear Tire & Rubber by 3.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 58,743 shares of the company’s stock worth $389,000 after acquiring an additional 1,900 shares in the last quarter. Jefferies Financial Group Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 6.6% in the fourth quarter. Jefferies Financial Group Inc. now owns 34,700 shares of the company’s stock valued at $304,000 after purchasing an additional 2,134 shares in the last quarter. Cidel Asset Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 19.1% in the first quarter. Cidel Asset Management Inc. now owns 14,761 shares of the company’s stock valued at $98,000 after purchasing an additional 2,369 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Goodyear Tire & Rubber by 16.7% during the second quarter. Sequoia Financial Advisors LLC now owns 21,396 shares of the company’s stock worth $141,000 after buying an additional 3,064 shares during the period. Institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.