Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 6.8% - What's Next?

Key Points

• Goodyear Tire & Rubber shares rose 6.8% on Thursday, trading as high as $7.21 after closing at $6.74 the previous day. Trading volume was below average, with about 3.87 million shares changing hands.
• Recent analyst moves were mixed, but the overall view remains cautious: Goodyear has an average Hold rating and a consensus target price of $8.54. Deutsche Bank and Citigroup lowered targets, while JPMorgan kept an Overweight rating with a $10 target.
• The company’s latest earnings beat expectations, posting a smaller-than-expected loss of ($0.39) per share and revenue of $3.88 billion versus estimates of $3.81 billion. However, revenue still fell 8.7% year over year, and analysts expect a full-year loss of $0.25 per share.

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report)'s stock price traded up 6.8% during trading on Thursday . The stock traded as high as $7.21 and last traded at $7.1950. Approximately 3,867,638 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 8,553,177 shares. The stock had previously closed at $6.74.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. 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. restated an "overweight" rating and issued a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Zacks Research raised Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research report on Monday. Citigroup reduced their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, May 8th. Finally, TD Cowen decreased their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Wednesday, April 15th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of "Hold" and an average target price of $8.54.

Goodyear Tire & Rubber Stock Performance

The stock has a market capitalization of $2.09 billion, a PE ratio of -1.01 and a beta of 1.12. The business has a 50 day moving average price of $6.20 and a 200 day moving average price of $7.42. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. 180 Wealth Advisors LLC grew its holdings in shares of Goodyear Tire & Rubber by 30.2% during the second quarter. 180 Wealth Advisors LLC now owns 33,419 shares of the company's stock valued at $221,000 after buying an additional 7,761 shares during the last quarter. Empowered Funds LLC raised its holdings in Goodyear Tire & Rubber by 5.6% in the 1st quarter. Empowered Funds LLC now owns 1,343,234 shares of the company's stock worth $8,906,000 after acquiring an additional 70,696 shares during the last quarter. Bank of America Corp DE raised its holdings in Goodyear Tire & Rubber by 54.9% in the 1st quarter. Bank of America Corp DE now owns 1,669,177 shares of the company's stock worth $11,067,000 after acquiring an additional 591,839 shares during the last quarter. Kentucky Retirement Systems bought a new position in Goodyear Tire & Rubber in the 1st quarter valued at approximately $135,000. Finally, EverSource Wealth Advisors LLC lifted its position in Goodyear Tire & Rubber by 656.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company's stock valued at $40,000 after acquiring an additional 5,248 shares in 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.

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