Goodyear Tire & Rubber (NASDAQ:GT) Sets New 12-Month Low at $10.86

The Goodyear Tire & Rubber Company (NASDAQ:GT) shares reached a new 52-week low during trading on Friday . The stock traded as low as $10.86 and last traded at $10.86, with a volume of 915935 shares. The stock had previously closed at $11.07.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GT. Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price target for the company. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Thursday, May 16th. Finally, HSBC cut their target price on Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.23.

Goodyear Tire & Rubber Trading Down 1.8 %

The company has a 50 day simple moving average of $12.01 and a 200 day simple moving average of $12.75. The stock has a market capitalization of $3.09 billion, a PE ratio of -4.86 and a beta of 1.74. The company has a current ratio of 1.15, a quick ratio of 0.60 and a debt-to-equity ratio of 1.56.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Monday, May 6th. The company reported $0.10 earnings per share (EPS) for the quarter. The company had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 3.28% and a positive return on equity of 3.41%. The firm’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period last year, the company posted ($0.29) earnings per share. Analysts predict that The Goodyear Tire & Rubber Company will post 1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds have recently modified their holdings of the company. Retirement Systems of Alabama increased its stake in Goodyear Tire & Rubber by 0.3% in the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock valued at $4,889,000 after purchasing an additional 935 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 3.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 36,041 shares of the company’s stock worth $448,000 after acquiring an additional 1,277 shares during the period. Covestor Ltd lifted its holdings in shares of Goodyear Tire & Rubber by 33.6% during the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after acquiring an additional 1,284 shares during the period. State of Michigan Retirement System boosted its position in shares of Goodyear Tire & Rubber by 2.4% in the first quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock worth $956,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Innealta Capital LLC grew its holdings in Goodyear Tire & Rubber by 12.2% in the first quarter. Innealta Capital LLC now owns 15,261 shares of the company’s stock valued at $210,000 after purchasing an additional 1,654 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

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.