Goodyear Tire & Rubber (NASDAQ:GT) Hits New 12-Month Low – Time to Sell?

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $4.46 and last traded at $4.4250, with a volume of 365,826 shares. The stock had previously closed at $4.56.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GT shares. Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. JPMorgan Chase & Co. reduced their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. 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. Based on data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of “Hold” and a consensus price target of $8.06.

Goodyear Tire & Rubber Price Performance

The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. The firm has a market capitalization of $1.28 billion, a P/E ratio of -0.50 and a beta of 1.22. The stock’s 50 day simple moving average is $5.61 and its 200 day simple moving average is $6.23.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping 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 period last year, the company posted ($0.17) earnings per share. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. As a group, analysts expect that The Goodyear Tire & Rubber Company will post -0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter valued at about $238,776,000. Dimensional Fund Advisors LP boosted 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 acquiring an additional 1,352,085 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth about $78,278,000. Cibc World Market Inc. purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth about $18,676,000. Finally, Bank of America Corp DE purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth about $17,313,000. Institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company (NASDAQ: GT) is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires for passenger vehicles, trucks, buses, aircraft, motorcycles, off-road vehicles and other applications.

Goodyear serves original-equipment and replacement markets through a portfolio of tire brands that includes Goodyear and Cooper, along with related products and services. Its offerings are sold through tire dealers, automotive retailers, distributors and other commercial channels, as well as to vehicle manufacturers.

The company operates across North America, Europe and other international markets.