Goodyear Tire & Rubber (NASDAQ:GT) Sets New 1-Year Low - Here's What Happened

Key Points

• Goodyear Tire & Rubber shares hit a new 52-week low, falling to $5.14 before last trading at $5.16, down 1.7% from the prior close.
• Analyst sentiment remains mixed but leans toward caution: the stock has an average “Hold” rating and a consensus price target of $8.26, while JPMorgan raised its target to $10 and maintained an “overweight” rating.
• Goodyear reported a quarterly loss of $0.61 per share, slightly better than estimates, but revenue fell 4.8% year over year to $4.25 billion; analysts expect a full-year loss of $0.43 per share.

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report)'s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $5.14 and last traded at $5.16, with a volume of 9293478 shares changing hands. The stock had previously closed at $5.25.

Analyst Ratings Changes

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

Goodyear Tire & Rubber Trading Down 1.7%

The business has a 50 day simple moving average of $6.41 and a 200 day simple moving average of $6.52. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -0.58 and a beta of 1.10.

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

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC grew its stake in shares of Goodyear Tire & Rubber by 16.7% during the second quarter. Sequoia Financial Advisors LLC now owns 21,396 shares of the company's stock valued at $141,000 after purchasing an additional 3,064 shares during the last quarter. WINTON GROUP Ltd bought a new position in Goodyear Tire & Rubber in the 2nd quarter worth approximately $1,560,000. Cidel Asset Management Inc. lifted its holdings in Goodyear Tire & Rubber by 29.9% during the 2nd quarter. Cidel Asset Management Inc. now owns 19,172 shares of the company's stock worth $127,000 after buying an additional 4,411 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Goodyear Tire & Rubber during the 2nd quarter worth $70,000. Finally, Waverly Advisors LLC bought a new position in Goodyear Tire & Rubber in the 2nd quarter valued at $80,000. Institutional investors and hedge funds 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.

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