Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Down – Time to Sell?

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) gapped down before the market opened on Monday . The stock had previously closed at $6.84, but opened at $6.48. Goodyear Tire & Rubber shares last traded at $6.4350, with a volume of 1,517,902 shares.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $10.00 target price on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Citigroup reduced their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. TD Cowen decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Reduce” and a consensus target price of $8.54.

Goodyear Tire & Rubber Stock Performance

The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -0.90 and a beta of 1.12. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66. The stock has a 50 day moving average of $6.30 and a 200 day moving average of $7.62.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.05. The company had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The business’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) EPS. As a group, analysts anticipate that The Goodyear Tire & Rubber Company will post -0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP raised its holdings in shares of Goodyear Tire & Rubber by 6.3% during the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock worth $245,699,000 after buying an additional 1,666,394 shares in the last quarter. Vanguard Group Inc. raised its stake in Goodyear Tire & Rubber by 4.2% during the third quarter. Vanguard Group Inc. now owns 27,950,476 shares of the company’s stock worth $209,070,000 after acquiring an additional 1,130,037 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Goodyear Tire & Rubber by 8.9% during the first quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after acquiring an additional 1,352,085 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 7.0% in the third quarter. American Century Companies Inc. now owns 12,457,220 shares of the company’s stock worth $93,180,000 after acquiring an additional 816,703 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Goodyear Tire & Rubber by 0.4% in the 4th quarter. State Street Corp now owns 10,450,140 shares of the company’s stock valued at $91,543,000 after purchasing an additional 36,786 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.