Goodyear Tire & Rubber (NASDAQ:GT) Hits New 12-Month Low Following Analyst Downgrade

The Goodyear Tire & Rubber Company (NASDAQ:GT) shares hit a new 52-week low on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock traded as low as $6.14 and last traded at $5.9950, with a volume of 1793199 shares trading hands. The stock had previously closed at $6.51.

Several other equities research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. TD Cowen lowered their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. JPMorgan Chase & Co. lowered their target price on shares of Goodyear Tire & Rubber from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. Citigroup lowered 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 research note on Friday. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Goodyear Tire & Rubber from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, April 16th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $8.54.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently made changes to their positions in GT. AQR Capital Management LLC lifted its stake in shares of Goodyear Tire & Rubber by 151.8% during the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock worth $85,540,000 after buying an additional 5,886,935 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Goodyear Tire & Rubber during the third quarter worth $32,301,000. Wellington Management Group LLP lifted its stake in shares of Goodyear Tire & Rubber by 11.9% during the third quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock worth $197,333,000 after buying an additional 2,796,332 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of Goodyear Tire & Rubber during the third quarter worth $17,686,000. Finally, Bridgeway Capital Management LLC acquired a new stake in shares of Goodyear Tire & Rubber during the third quarter worth $15,280,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Down 6.1%

The company’s 50 day moving average price is $7.04 and its 200 day moving average price is $8.06. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -0.84, a P/E/G ratio of 0.60 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data 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 business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the previous year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, research analysts forecast that The Goodyear Tire & Rubber Company will post 0.29 earnings per share for the current fiscal year.

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.