Goodyear Tire & Rubber (NASDAQ:GT) Shares Down 4.2% - Here's Why

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report)'s share price dropped 4.2% during trading on Monday . The stock traded as low as $9.52 and last traded at $9.61. Approximately 636,479 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 4,283,424 shares. The stock had previously closed at $10.03.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GT. StockNews.com lowered shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Wednesday, November 13th. Wolfe Research downgraded Goodyear Tire & Rubber from an "outperform" rating to a "peer perform" rating in a research note on Thursday, September 5th.

Goodyear Tire & Rubber Stock Performance

The stock has a market cap of $2.70 billion, a price-to-earnings ratio of -9.11 and a beta of 1.77. The stock's 50-day moving average is $9.29 and its 200-day moving average is $9.69. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $4.96 billion. During the same period in the prior year, the business posted $0.36 EPS. The business's revenue was down 6.2% on a year-over-year basis. On average, analysts expect that The Goodyear Tire & Rubber Company will post 1.09 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently modified their holdings of the stock. Family Firm Inc. acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter worth about $26,000. Sound Income Strategies LLC boosted its position in Goodyear Tire & Rubber by 2,122.5% during the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company's stock worth $35,000 after acquiring an additional 3,778 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Goodyear Tire & Rubber during the 3rd quarter worth about $45,000. MUFG Securities EMEA plc purchased a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth about $57,000. Finally, Private Trust Co. NA raised its stake in shares of Goodyear Tire & Rubber by 110.4% during the 3rd quarter. Private Trust Co. NA now owns 7,050 shares of the company's stock worth $62,000 after purchasing an additional 3,700 shares in the last quarter. Institutional investors and hedge funds 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.