Goodyear Tire & Rubber (NASDAQ:GT) Trading Down 6.9% – Time to Sell?

The Goodyear Tire & Rubber Company (NASDAQ:GT) traded down 6.9% during mid-day trading on Wednesday . The stock traded as low as $6.59 and last traded at $6.5350. 1,759,105 shares were traded during mid-day trading, a decline of 80% from the average session volume of 8,584,303 shares. The stock had previously closed at $7.02.

Analysts Set New Price Targets

GT has been the topic of a number of analyst reports. 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. JPMorgan Chase & Co. reissued an “overweight” rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Finally, TD Cowen reduced their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $8.54.

Goodyear Tire & Rubber Stock Performance

The company has a market cap of $1.91 billion, a P/E ratio of -0.92 and a beta of 1.12. The firm has a 50 day moving average of $6.23 and a 200-day moving average of $7.48. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The business had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.81 billion. During the same period in the previous year, the company posted ($0.04) EPS. Goodyear Tire & Rubber’s revenue was down 8.7% on a year-over-year basis. As a group, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

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