Goodyear Tire & Rubber (NASDAQ:GT) Shares Down 6% – Should You Sell?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price dropped 6% on Monday . The stock traded as low as $6.11 and last traded at $6.0550. 3,448,705 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 8,595,379 shares. The stock had previously closed at $6.44.

Analysts Set New Price Targets

GT has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday. JPMorgan Chase & Co. upped their price objective on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Friday. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup reduced their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Finally, Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.47.

Goodyear Tire & Rubber Trading Down 5.7%

The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. The company’s 50-day moving average is $6.59 and its 200 day moving average is $7.19. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -0.69 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share 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 during the quarter, compared to the consensus estimate of $4.19 billion. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. The company’s revenue was down 4.8% compared to the same quarter last year. Research analysts predict that The Goodyear Tire & Rubber Company will post -0.26 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of large investors have recently bought and sold shares of GT. EFG International AG acquired a new stake in Goodyear Tire & Rubber in the fourth quarter valued at approximately $26,000. Los Angeles Capital Management LLC acquired a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $26,000. Focus Partners Wealth purchased a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at approximately $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 656.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after buying an additional 5,248 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 55.5% during the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock valued at $62,000 after buying an additional 2,538 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

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.