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

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

Analysts Set New Price Targets

GT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday, December 20th. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.30.

Goodyear Tire & Rubber Stock Performance

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

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. Goodyear Tire & Rubber’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS. Research analysts expect that The Goodyear Tire & Rubber Company will post 1.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently made changes to their positions in GT. Geode Capital Management LLC lifted its holdings in shares of Goodyear Tire & Rubber by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock worth $62,438,000 after acquiring an additional 86,227 shares during the period. Victory Capital Management Inc. lifted its stake in Goodyear Tire & Rubber by 3,921.7% during the third quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock worth $42,051,000 after purchasing an additional 4,633,368 shares during the last quarter. Segall Bryant & Hamill LLC boosted its holdings in shares of Goodyear Tire & Rubber by 13.4% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 4,101,832 shares of the company’s stock valued at $36,301,000 after purchasing an additional 484,198 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Goodyear Tire & Rubber by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,532,990 shares of the company’s stock worth $31,267,000 after buying an additional 252,960 shares in the last quarter. Finally, KLCM Advisors Inc. lifted its position in shares of Goodyear Tire & Rubber by 59.4% during the 4th quarter. KLCM Advisors Inc. now owns 1,770,430 shares of the company’s stock worth $15,934,000 after buying an additional 659,635 shares during the last quarter. 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.