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Weak Fundamental Momentum Pushes The Goodyear Tire & Rubber Company (GT) Lower

The Goodyear Tire & Rubber Company (NASDAQ:GT) has a beta value of 1.80 and has seen 0.63 million shares traded in the recent trading session. The company, currently valued at $3.59B, closed the recent trade at $12.73 per share which meant it gained $0.24 on the day or 1.96% during that session. The GT stock price is -95.52% off its 52-week high price of $24.89 and 18.85% above the 52-week low of $10.33. If we look at the company’s 10-day average daily trading volume, we find that it stood at 3.71 million shares traded. The 3-month trading volume is 4.04 million shares.

The consensus among analysts is that The Goodyear Tire & Rubber Company (GT) is an Overweight stock at the moment, with a recommendation rating of 2.00. 0 analysts rate the stock as a Sell, while 0 rate it as Overweight. 3 out of 9 have rated it as a Hold, with 6 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.6.

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The Goodyear Tire & Rubber Company (NASDAQ:GT) trade information

Sporting 1.96% in the green today, the stock has traded in the red over the last five days, with the highest price hit on Tuesday, 09/20/22 when the GT stock price touched $12.73 or saw a rise of 7.15%. Year-to-date, The Goodyear Tire & Rubber Company shares have moved -41.42%, while the 5-day performance has seen it change -7.00%. Over the past 30 days, the shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) have changed -15.78%. Short interest in the company has seen 13.76 million shares shorted with days to cover at 3.17.

Wall Street analysts have a consensus price target for the stock at $17.54, which means that the shares’ value could jump 27.42% from the levels at last check today. The projected low price target is $14.00 while the price target rests at a high of $22.00. In that case, then, we find that the latest price level in today’s session is -72.82% off the targeted high while a plunge would see the stock gain -9.98% from the levels at last check today.

The Goodyear Tire & Rubber Company (GT) estimates and forecasts

Figures show that The Goodyear Tire & Rubber Company shares have outperformed across the wider relevant industry. The company’s shares have lost -10.66% over the past 6 months, with this year growth rate of 2.39%, compared to -15.00% for the industry. Other than that, the company has, however, increased its growth outlook for the 2022 fiscal year revenue. Growth estimates for the current quarter are -16.70% and 8.80% for the next quarter. Revenue growth from the last financial year stood is estimated to be 19.90%.

6 analysts offering their estimates for the company have set an average revenue estimate of $5.32 billion for the current quarter. 6 have an estimated revenue figure of $5.37 billion for the next quarter concluding in Dec 2022. Year-ago sales stood $4.75 billion and $5.05 billion respectively for this quarter and the next, and analysts expect sales will grow by 12.10% for the current quarter and 6.20% for the next.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was -9.40% over the past 5 years. Earnings growth for 2022 is a modest 154.00% while over the next 5 years, the company’s earnings are expected to increase by 9.13%.

GT Dividends

The Goodyear Tire & Rubber Company is expected to release its next earnings report between November 03 and November 07 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s Major holders

Insiders own 0.41% of the company shares, while shares held by institutions stand at 83.36% with a share float percentage of 83.71%. Investors are also buoyed by the number of investors in a company, with The Goodyear Tire & Rubber Company having a total of 540 institutions that hold shares in the company. The top two institutional holders are Blackrock Inc. with over 35.21 million shares worth more than $449.68 million. As of Jun 29, 2022, Blackrock Inc. held 12.45% of shares outstanding.

The other major institutional holder is Vanguard Group, Inc. (The), with the holding of over 28.15 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $359.46 million and represent 9.95% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Vanguard Total Stock Market Index Fund and iShares Core S&P Midcap ETF. As of Jun 29, 2022, the former fund manager holds about 2.94% shares in the company for having 8.31 million shares of worth $106.15 million while later fund manager owns 8.31 million shares of worth $106.16 million as of Aug 30, 2022, which makes it owner of about 2.94% of company’s outstanding stock.

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