Goodyear Tire & Rubber (NASDAQ:GT) Trading 3.8% Higher – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price rose 3.8% on Tuesday . The company traded as high as $9.09 and last traded at $9.09. Approximately 369,210 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 4,312,383 shares. The stock had previously closed at $8.76.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GT shares. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $10.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday, December 20th. Finally, StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and an average price target of $13.30.

Goodyear Tire & Rubber Price Performance

The business’s 50-day moving average price is $9.40 and its 200 day moving average price is $9.44. The company has a market capitalization of $2.56 billion, a P/E ratio of -8.65 and a beta of 1.77. The company has a quick ratio of 0.65, a current ratio of 1.14 and a debt-to-equity ratio of 1.51.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The company had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.96 billion. During the same quarter last year, the business posted $0.36 earnings per share. The firm’s revenue was down 6.2% compared to the same quarter last year. Analysts anticipate that The Goodyear Tire & Rubber Company will post 1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of large investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. grew its position in Goodyear Tire & Rubber by 4.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 35,513 shares of the company’s stock valued at $306,000 after acquiring an additional 1,434 shares during the last quarter. Fidelity D & D Bancorp Inc. lifted its stake in Goodyear Tire & Rubber by 3.2% in the third quarter. Fidelity D & D Bancorp Inc. now owns 32,000 shares of the company’s stock worth $283,000 after purchasing an additional 1,000 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Goodyear Tire & Rubber by 11.0% during the 3rd quarter. Franklin Resources Inc. now owns 135,131 shares of the company’s stock valued at $1,139,000 after acquiring an additional 13,349 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Goodyear Tire & Rubber in the third quarter valued at about $45,000. Finally, Geode Capital Management LLC lifted its stake in Goodyear Tire & Rubber by 1.2% in the third quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock worth $62,438,000 after acquiring an additional 86,227 shares during the period. Hedge funds and other institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

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.