Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Up 4.8% – Here’s Why

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price was up 4.8% during trading on Wednesday . The company traded as high as $6.45 and last traded at $6.4950. Approximately 2,718,926 shares changed hands during trading, a decline of 68% from the average session volume of 8,613,085 shares. The stock had previously closed at $6.20.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Citigroup decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. JPMorgan Chase & Co. upped their price objective on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.26.

Goodyear Tire & Rubber Trading Up 4.4%

The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. The firm’s fifty day simple moving average is $6.60 and its 200-day simple moving average is $6.90. The stock has a market cap of $1.86 billion, a P/E ratio of -0.73 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.19 billion. During the same period in the previous year, the business earned ($0.17) EPS. The firm’s revenue was down 4.8% compared to the same quarter last year. Equities research analysts expect that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GT. California State Teachers Retirement System boosted its position in shares of Goodyear Tire & Rubber by 542.1% during the second quarter. California State Teachers Retirement System now owns 2,048,251 shares of the company’s stock valued at $13,518,000 after buying an additional 1,729,267 shares during the last quarter. AlphaGrep UK Ltd purchased a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at $616,000. Plan A Wealth LLC bought a new position in Goodyear Tire & Rubber during the 2nd quarter valued at $89,000. Nykredit A S bought a new position in Goodyear Tire & Rubber during the 2nd quarter valued at $27,000. Finally, Ancora Advisors LLC boosted its holdings in Goodyear Tire & Rubber by 359.4% during the 2nd quarter. Ancora Advisors LLC now owns 11,025 shares of the company’s stock worth $73,000 after acquiring an additional 8,625 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.