Goodyear Tire & Rubber (NASDAQ:GT) Stock Crosses Above 50 Day Moving Average – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $6.36 and traded as high as $7.25. Goodyear Tire & Rubber shares last traded at $7.21, with a volume of 8,782,987 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GT shares. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Citigroup decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Finally, TD Cowen lowered their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.54.

Goodyear Tire & Rubber Stock Performance

The company’s 50 day simple moving average is $6.36 and its 200 day simple moving average is $7.35. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The stock has a market cap of $2.07 billion, a PE ratio of -1.00 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The company’s revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.04) EPS. Analysts expect that The Goodyear Tire & Rubber Company will post -0.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Goodyear Tire & Rubber by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock worth $1,567,000 after purchasing an additional 7,453 shares during the period. United Services Automobile Association bought a new stake in Goodyear Tire & Rubber in the first quarter worth about $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Goodyear Tire & Rubber by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock worth $6,074,000 after acquiring an additional 15,064 shares during the period. Envestnet Asset Management Inc. boosted its stake in Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after acquiring an additional 1,011 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Goodyear Tire & Rubber by 23.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock valued at $156,000 after acquiring an additional 2,855 shares during the last quarter. Institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

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.