Goodyear Tire & Rubber (NASDAQ:GT) Hits New 1-Year Low - What's Next?

Key Points

• Goodyear shares hit a new 52-week low, falling 3.1% to about $5.37, well below their 50-day and 200-day moving averages.
• Analysts maintain a mixed outlook, with an average rating of “Hold” and an average price target of $8.26; JPMorgan raised its target to $10 and kept an “overweight” rating.
• Goodyear exceeded quarterly revenue and EPS expectations, reporting $4.25 billion in revenue and an adjusted loss of $0.61 per share, but revenue declined 4.8% year over year and the company remained unprofitable.

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) hit a new 52-week low during trading on Friday . The company traded as low as $5.35 and last traded at $5.37, with a volume of 13683749 shares traded. The stock had previously closed at $5.54.

Wall Street Analysts Forecast Growth

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

Goodyear Tire & Rubber Trading Down 3.1%

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 market capitalization of $1.55 billion, a price-to-earnings ratio of -0.61 and a beta of 1.10. The company has a 50 day moving average price of $6.53 and a two-hundred day moving average price of $6.61.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same period in the previous year, the company posted ($0.17) earnings per share. The business's revenue was down 4.8% on a year-over-year basis. On average, research analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company's stock worth $1,567,000 after purchasing an additional 7,453 shares in the last quarter. United Services Automobile Association purchased a new stake in Goodyear Tire & Rubber during the 1st quarter worth approximately $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings 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 worth $6,074,000 after buying an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in 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 buying an additional 1,011 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Goodyear Tire & Rubber by 23.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company's stock worth $156,000 after acquiring an additional 2,855 shares in the last quarter. Institutional investors and hedge funds 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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