Goodyear Tire & Rubber (NASDAQ:GT) Trading Down 4.2% – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT) dropped 4.2% on Monday . The company traded as low as $9.52 and last traded at $9.61. Approximately 636,479 shares traded hands during trading, a decline of 85% from the average daily volume of 4,283,424 shares. The stock had previously closed at $10.03.

Wall Street Analyst Weigh In

GT has been the topic of several research reports. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Wednesday, November 13th.

Goodyear Tire & Rubber Trading Down 4.5 %

The business’s fifty day moving average price is $9.27 and its 200 day moving average price is $9.71. The company has a quick ratio of 0.65, a current ratio of 1.14 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $2.73 billion, a PE ratio of -9.64 and a beta of 1.77.

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

Institutional Trading of Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently made changes to their positions in GT. B. Riley Wealth Advisors Inc. grew its stake in Goodyear Tire & Rubber by 4.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 35,513 shares of the company’s stock valued at $306,000 after buying an additional 1,434 shares during the last quarter. Fidelity D & D Bancorp Inc. boosted its stake in Goodyear Tire & Rubber by 3.2% during the third quarter. Fidelity D & D Bancorp Inc. now owns 32,000 shares of the company’s stock worth $283,000 after buying an additional 1,000 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of 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 in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Goodyear Tire & Rubber in the third quarter valued at about $45,000. Finally, Geode Capital Management LLC raised its position 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 purchasing an additional 86,227 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors.

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.