Goodyear Tire & Rubber (NASDAQ:GT) Shares Cross Above 50-Day Moving Average – Here’s Why

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $6.30 and traded as high as $6.86. Goodyear Tire & Rubber shares last traded at $6.8440, with a volume of 18,474,545 shares changing hands.

Analysts Set New Price Targets

A number of research firms have weighed in on GT. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen dropped their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of “Reduce” and an average target price of $8.54.

Goodyear Tire & Rubber Trading Up 6.3%

The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -0.95 and a beta of 1.12. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66. The company’s 50-day moving average is $6.30 and its 200-day moving average is $7.62.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. The company had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.04) earnings per share. Research analysts anticipate that The Goodyear Tire & Rubber Company will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds have recently made changes to their positions in the stock. Focus Partners Wealth acquired a new stake in shares of Goodyear Tire & Rubber in the third quarter valued at $25,000. EFG International AG purchased a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at approximately $26,000. Los Angeles Capital Management LLC purchased a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth $26,000. EverSource Wealth Advisors LLC boosted its stake in shares of Goodyear Tire & Rubber by 656.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after buying an additional 5,248 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Goodyear Tire & Rubber by 55.5% during the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock worth $62,000 after acquiring an additional 2,538 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.