Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Down 4.7% – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price fell 4.7% during mid-day trading on Monday . The stock traded as low as $8.22 and last traded at $8.45. 2,272,076 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 4,343,866 shares. The stock had previously closed at $8.87.

Wall Street Analyst Weigh In

Several brokerages have commented on GT. StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, December 20th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of “Hold” and an average price target of $13.30.

Goodyear Tire & Rubber Price Performance

The company has a market cap of $2.46 billion, a price-to-earnings ratio of -8.32 and a beta of 1.79. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. The company’s 50 day moving average price is $9.36 and its 200 day moving average price is $9.04.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. The firm had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The business’s revenue was down 6.2% on a year-over-year basis. During the same period last year, the firm posted $0.36 EPS. On average, equities research analysts predict that The Goodyear Tire & Rubber Company will post 1.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently made changes to their positions in the company. Proficio Capital Partners LLC acquired a new stake in Goodyear Tire & Rubber during the 4th quarter worth $213,000. Amalgamated Bank grew its position in shares of Goodyear Tire & Rubber by 0.9% during the 4th quarter. Amalgamated Bank now owns 127,390 shares of the company’s stock worth $1,147,000 after buying an additional 1,156 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $79,000. Truist Financial Corp raised its position in shares of Goodyear Tire & Rubber by 5.2% in the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock valued at $205,000 after acquiring an additional 1,115 shares during the period. Finally, Sanctuary Advisors LLC boosted its stake in Goodyear Tire & Rubber by 11.3% during the 4th quarter. Sanctuary Advisors LLC now owns 11,901 shares of the company’s stock worth $110,000 after acquiring an additional 1,209 shares during the last quarter. Institutional investors own 84.19% of the company’s stock.

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.