Goodyear Tire & Rubber (NASDAQ:GT) Sets New 52-Week Low at $7.62

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $7.62 and last traded at $7.67, with a volume of 816116 shares changing hands. The stock had previously closed at $7.81.

Analyst Ratings Changes

Several equities analysts recently issued reports on GT shares. Morgan Stanley started coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price target on the stock. StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Finally, Wolfe Research cut Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Price Performance

The firm has a 50-day moving average of $9.69 and a 200 day moving average of $11.37. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.06 and a quick ratio of 0.54. The company has a market capitalization of $2.18 billion, a PE ratio of -3.39 and a beta of 1.70.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. Goodyear Tire & Rubber’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.34) earnings per share. As a group, research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.12 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Retirement Systems of Alabama lifted its stake in Goodyear Tire & Rubber by 0.3% in the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock worth $4,889,000 after purchasing an additional 935 shares during the last quarter. Covestor Ltd grew its position in Goodyear Tire & Rubber by 33.6% in the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock valued at $70,000 after acquiring an additional 1,284 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in Goodyear Tire & Rubber by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock worth $2,833,000 after purchasing an additional 1,475 shares during the period. State of Michigan Retirement System lifted its position in shares of Goodyear Tire & Rubber by 2.4% during the first quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock worth $956,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Goodyear Tire & Rubber by 2.1% during the second quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock valued at $903,000 after purchasing an additional 1,621 shares during the period. 84.19% of the stock is currently owned by institutional investors.

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.