Goodyear Tire & Rubber (NASDAQ:GT) Trading Down 5% – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT) shares traded down 5% during mid-day trading on Thursday . The company traded as low as $10.24 and last traded at $10.27. 1,224,045 shares changed hands during trading, a decline of 72% from the average session volume of 4,303,106 shares. The stock had previously closed at $10.81.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GT. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th.

Goodyear Tire & Rubber Stock Performance

The stock has a 50-day simple moving average of $9.11 and a 200 day simple moving average of $9.82. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.14 and a quick ratio of 0.65.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.12. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates 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 company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. Analysts forecast that The Goodyear Tire & Rubber Company will post 1.09 EPS for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of hedge funds have recently modified their holdings of GT. American Century Companies Inc. lifted its holdings in Goodyear Tire & Rubber by 16.2% during the second quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after acquiring an additional 1,013,550 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Goodyear Tire & Rubber by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock valued at $62,438,000 after purchasing an additional 86,227 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Goodyear Tire & Rubber by 3,921.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock valued at $42,051,000 after purchasing an additional 4,633,368 shares during the period. Segall Bryant & Hamill LLC increased its stake in Goodyear Tire & Rubber by 13.4% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 4,101,832 shares of the company’s stock worth $36,301,000 after purchasing an additional 484,198 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Goodyear Tire & Rubber by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,532,990 shares of the company’s stock worth $31,267,000 after buying an additional 252,960 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

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.