Goodyear Tire & Rubber (NASDAQ:GT) Trading Down 3.3%

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price traded down 3.3% during trading on Wednesday . The company traded as low as $8.40 and last traded at $8.45. 1,124,947 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 4,026,240 shares. The stock had previously closed at $8.74.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. 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 objective on the stock. Finally, Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Stock Down 2.3 %

The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The stock’s 50-day moving average price is $8.76 and its 200-day moving average price is $10.98. The company has a market cap of $2.43 billion, a P/E ratio of -3.87 and a beta of 1.70.

Goodyear Tire & Rubber (NASDAQ:GT) last announced 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. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter last year, the firm posted ($0.34) earnings per share. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, research analysts forecast that The Goodyear Tire & Rubber Company will post 1.06 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Goodyear Tire & Rubber by 2.6% in the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock valued at $410,082,000 after purchasing an additional 765,529 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Goodyear Tire & Rubber by 48.2% during the 4th quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock worth $214,499,000 after buying an additional 4,870,381 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Goodyear Tire & Rubber by 16.2% in the 2nd quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after buying an additional 1,013,550 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Goodyear Tire & Rubber by 9.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,180,322 shares of the company’s stock valued at $59,862,000 after acquiring an additional 353,758 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Goodyear Tire & Rubber by 3.9% during the first quarter. Jacobs Levy Equity Management Inc. now owns 3,977,383 shares of the company’s stock valued at $54,609,000 after acquiring an additional 148,566 shares during the last quarter. 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.