Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Down 6.4% – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT) shares traded down 6.4% on Monday . The stock traded as low as $9.13 and last traded at $9.08. 2,513,509 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 4,837,675 shares. The stock had previously closed at $9.70.

Analysts Set New Price Targets

Several analysts recently commented on GT shares. Deutsche Bank Aktiengesellschaft raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Monday, March 31st. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday, February 17th. TD Cowen initiated coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, Argus raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Tuesday, February 18th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $13.78.

Goodyear Tire & Rubber Trading Up 14.9 %

The firm’s 50-day simple moving average is $9.20 and its 200 day simple moving average is $9.13. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 40.59 and a beta of 1.49.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The company had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.91 billion. Equities analysts expect that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently bought and sold shares of GT. Fidelity D & D Bancorp Inc. raised its position in shares of Goodyear Tire & Rubber by 3.2% in the 3rd quarter. Fidelity D & D Bancorp Inc. now owns 32,000 shares of the company’s stock worth $283,000 after acquiring an additional 1,000 shares in the last quarter. Truist Financial Corp grew its position in shares of Goodyear Tire & Rubber by 5.2% during the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock worth $205,000 after buying an additional 1,115 shares during the period. Amalgamated Bank increased its stake in shares of Goodyear Tire & Rubber by 0.9% in the 4th quarter. Amalgamated Bank now owns 127,390 shares of the company’s stock valued at $1,147,000 after acquiring an additional 1,156 shares in the last quarter. Sanctuary Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 11.3% during the 4th quarter. Sanctuary Advisors LLC now owns 11,901 shares of the company’s stock valued at $110,000 after acquiring an additional 1,209 shares during the period. Finally, Barnett & Company Inc. lifted its position in shares of Goodyear Tire & Rubber by 1.4% during the 4th quarter. Barnett & Company Inc. now owns 95,700 shares of the company’s stock valued at $861,000 after acquiring an additional 1,300 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

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.