Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 6.9% – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price traded up 6.9% during trading on Tuesday . The company traded as high as $5.26 and last traded at $5.3650. Approximately 1,712,234 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 8,714,777 shares. The stock had previously closed at $5.02.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on GT shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. upped their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Finally, Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Price Performance

The stock has a market capitalization of $1.54 billion, a P/E ratio of -0.60 and a beta of 1.10. 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 fifty day moving average price of $6.32 and a two-hundred day moving average price of $6.45.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. During the same quarter in the prior year, the business earned ($0.17) earnings per share. Goodyear Tire & Rubber’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, analysts expect that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nykredit A S purchased a new stake in Goodyear Tire & Rubber during the second quarter valued at approximately $27,000. Allworth Financial LP purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter worth $33,000. EverSource Wealth Advisors LLC raised 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 purchasing an additional 5,248 shares during the period. Magnolia Capital Advisors LLC purchased a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at $67,000. Finally, Sovereign Financial Group Inc. purchased a new position in shares of Goodyear Tire & Rubber during the 1st quarter valued at $70,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.