Following The Money: Institution’s Growing Stake In Goodyear Tire & Rubber Co. (NASDAQ: GT)

Goodyear Tire & Rubber Co. (GT) concluded trading on Wednesday at a closing price of $11.80, with 3.52 million shares of worth about $41.49 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -8.53% during that period and on on Wednesday the price saw a loss of about -0.67%. Currently the company’s common shares owned by public are about 283.79M shares, out of which, 282.05M shares are available for trading.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 4 times over the past 12 months. They bought 20,344 shares in 2 of the transactions. In 2 selling transactions, insiders dumped 6,722 shares.

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Stock saw a price change of -5.60% in past 5 days and over the past one month there was a price change of -19.73%. Year-to-date (YTD), GT shares are showing a performance of -17.60% which increased to 3.42% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $9.85 but also hit the highest price of $16.50 during that period. The average intraday trading volume for Goodyear Tire & Rubber Co. shares is 4.01 million. The stock is currently trading -8.91% below its 20-day simple moving average (SMA20), while that difference is down -13.52% for SMA50 and it goes to -12.50% lower than SMA200.

Goodyear Tire & Rubber Co. (NASDAQ: GT) currently have 283.79M outstanding shares and institutions hold larger chunk of about 84.98% of that.

The stock has a current market capitalization of $3.35B and its 3Y-monthly beta is at 1.84. It has posted earnings per share of -$2.42 in the same period. It has Quick Ratio of 0.55 while making debt-to-equity ratio of 1.85. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GT, volatility over the week remained 2.68% while standing at 3.66% over the month.

Analysts are in expectations that Goodyear Tire & Rubber Co. (GT) stock would likely to be making an EPS of $0 in the current quarter, while forecast for next quarter EPS is $0.19 and it is $1.91 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.22 which is $0.15 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.29 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 513.07% while it is estimated to increase by 49.96% in next year.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by HSBC Securities on December 04, 2023 offering a Buy rating for the stock and assigned a target price of $16.80 to it. Coverage by Deutsche Bank stated Goodyear Tire & Rubber Co. (GT) stock as a Buy in their note to investors on November 16, 2023, suggesting a price target of $21 for the stock. On May 17, 2023, Nomura Downgrade their recommendations, while on May 15, 2023, Exane BNP Paribas Upgrade their ratings for the stock with a price target of $13. Stock get an Underperform rating from Exane BNP Paribas on January 30, 2023.

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