Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Down 4.2% – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT) dropped 4.2% during trading on Monday . The stock traded as low as $9.52 and last traded at $9.61. Approximately 636,479 shares were traded during trading, a decline of 85% from the average daily volume of 4,283,424 shares. The stock had previously closed at $10.03.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GT shares. Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

Goodyear Tire & Rubber Stock Down 2.5 %

The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -8.88 and a beta of 1.77. The firm has a 50 day moving average price of $9.31 and a 200-day moving average price of $9.67. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The company’s quarterly revenue was down 6.2% on a year-over-year basis. On average, equities analysts forecast that The Goodyear Tire & Rubber Company will post 1.09 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in Goodyear Tire & Rubber by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,715,149 shares of the company’s stock valued at $30,817,000 after acquiring an additional 71,410 shares during the last quarter. Edgestream Partners L.P. lifted its position in Goodyear Tire & Rubber by 1,011.8% during the second quarter. Edgestream Partners L.P. now owns 634,077 shares of the company’s stock worth $7,197,000 after buying an additional 577,045 shares during the period. SG Americas Securities LLC lifted its position in Goodyear Tire & Rubber by 1,843.6% during the third quarter. SG Americas Securities LLC now owns 474,980 shares of the company’s stock worth $4,204,000 after buying an additional 450,542 shares during the period. FMR LLC boosted its stake in Goodyear Tire & Rubber by 28.1% in the 3rd quarter. FMR LLC now owns 842,822 shares of the company’s stock worth $7,459,000 after buying an additional 184,770 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Goodyear Tire & Rubber by 196.8% in the 2nd quarter. Hsbc Holdings PLC now owns 335,967 shares of the company’s stock valued at $3,768,000 after buying an additional 222,767 shares during the period. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.