Goodyear Tire & Rubber (NASDAQ:GT) Sets New 12-Month Low at $7.90

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $7.90 and last traded at $7.90, with a volume of 4382435 shares trading hands. The stock had previously closed at $8.08.

Wall Street Analysts Forecast Growth

GT has been the subject of a number of recent research reports. Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, June 13th. They set an “equal weight” rating and a $14.00 price target for the company. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Thursday, May 16th. Finally, HSBC decreased their price objective on Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating for the company in a report on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Price Performance

The company has a current ratio of 1.06, a quick ratio of 0.60 and a debt-to-equity ratio of 1.41. The stock has a market cap of $2.19 billion, a PE ratio of -3.58 and a beta of 1.74. The business has a 50-day moving average price of $11.40 and a 200 day moving average price of $12.27.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.09 by $0.10. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period last year, the firm earned ($0.34) EPS. Goodyear Tire & Rubber’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, research analysts forecast that The Goodyear Tire & Rubber Company will post 1.2 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently modified their holdings of GT. SG Americas Securities LLC bought a new position in Goodyear Tire & Rubber in the fourth quarter valued at $276,000. International Assets Investment Management LLC bought a new stake in Goodyear Tire & Rubber in the 4th quarter worth approximately $298,000. Mirae Asset Global Investments Co. Ltd. grew its position in Goodyear Tire & Rubber by 3.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 126,763 shares of the company’s stock valued at $1,815,000 after acquiring an additional 4,163 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth approximately $156,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Goodyear Tire & Rubber in the 4th quarter worth approximately $1,140,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

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.