Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Up 11% – Should You Buy?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price shot up 11% during mid-day trading on Monday . The company traded as high as $11.58 and last traded at $11.81. 1,701,222 shares traded hands during trading, a decline of 69% from the average session volume of 5,434,396 shares. The stock had previously closed at $10.64.

Analyst Ratings Changes

A number of research firms have commented on GT. Wall Street Zen lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. BNP Paribas raised shares of Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a research note on Monday. TD Cowen initiated coverage on shares of Goodyear Tire & Rubber in a research note on Friday, March 7th. They issued a “buy” rating and a $14.00 price target on the stock. Argus raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Tuesday, February 18th. Finally, BNP Paribas Exane upgraded Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 price objective for the company in a report on Monday. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.17.

Goodyear Tire & Rubber Price Performance

The company’s 50-day simple moving average is $10.58 and its 200-day simple moving average is $9.76. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 49.75 and a beta of 1.40. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.41 billion. During the same period in the previous year, the company earned $0.10 EPS. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. Research analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

A number of hedge funds have recently made changes to their positions in the company. American Century Companies Inc. lifted its stake in shares of Goodyear Tire & Rubber by 11.7% in the first quarter. American Century Companies Inc. now owns 10,786,387 shares of the company’s stock worth $99,666,000 after acquiring an additional 1,134,058 shares during the period. Victory Capital Management Inc. grew its position in shares of Goodyear Tire & Rubber by 1.9% during the 1st quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company’s stock valued at $48,489,000 after acquiring an additional 99,933 shares during the period. Norges Bank purchased a new position in Goodyear Tire & Rubber in the 4th quarter valued at approximately $39,626,000. Northern Trust Corp grew its holdings in Goodyear Tire & Rubber by 17.0% during the 4th quarter. Northern Trust Corp now owns 3,941,378 shares of the company’s stock valued at $35,472,000 after buying an additional 573,541 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Goodyear Tire & Rubber by 1.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company’s stock worth $35,122,000 after acquiring an additional 62,499 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Company Profile

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.