Goodyear Tire & Rubber (NASDAQ:GT) Hits New 52-Week Low - What's Next?

Key Points

• Goodyear Tire & Rubber's shares hit a new 52-week low of $7.46 and traded at $7.59, with significant trading volume of 1,793,970 shares.
• Several analysts have downgraded the stock, with BNP Paribas and HSBC changing their ratings to "hold", while Deutsche Bank reduced its target price from $15 to $12.
• Goodyear reported a loss of $0.17 EPS for the last quarter, missing the consensus estimate by $0.31, with revenue also falling short at $4.47 billion.

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) hit a new 52-week low during trading on Monday . The company traded as low as $7.46 and last traded at $7.59, with a volume of 1793970 shares traded. The stock had previously closed at $7.86.

Analysts Set New Price Targets

Several research firms have recently weighed in on GT. BNP Paribas cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft decreased their target price on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Hsbc Global Res downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Citigroup initiated coverage on Goodyear Tire & Rubber in a research report on Monday, September 8th. They set a "neutral" rating and a $10.00 target price for the company. Finally, BNP Paribas Exane restated a "neutral" rating and set a $9.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.93.

Goodyear Tire & Rubber Stock Performance

The company has a market capitalization of $2.14 billion, a PE ratio of 5.25, a PEG ratio of 0.96 and a beta of 1.37. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average price of $9.02 and a two-hundred day moving average price of $9.95.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). The firm had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The company's revenue for the quarter was down 2.3% on a year-over-year basis. During the same period last year, the firm earned $0.19 EPS. Analysts predict that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of GT. GAMMA Investing LLC raised its holdings in Goodyear Tire & Rubber by 147.5% in the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock worth $26,000 after purchasing an additional 1,674 shares during the period. Solstein Capital LLC purchased a new position in Goodyear Tire & Rubber in the second quarter worth about $26,000. UMB Bank n.a. grew its position in Goodyear Tire & Rubber by 125.9% in the first quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock worth $29,000 after acquiring an additional 1,748 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in Goodyear Tire & Rubber in the second quarter worth about $29,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Goodyear Tire & Rubber by 3,894.3% during the second quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company's stock valued at $29,000 after buying an additional 2,726 shares during the period. 84.19% of the stock is owned by institutional investors.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.

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