Goodyear Tire & Rubber Co. [NASDAQ: GT] stock went on a downward path that fall over -0.67% on Wednesday, amounting to a one-week price decrease of less than -5.60%. The company report on February 12, 2024 at 4:15 PM that GOODYEAR REPORTS FOURTH QUARTER AND FULL-YEAR 2023 FINANCIAL RESULTS.
The Goodyear Tire & Rubber Company (NASDAQ: GT) today reported results for the fourth quarter and full-year 2023 in an Investor Letter published to its investor relations website: http://investor.goodyear.com.
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The Company will host an investor call on Tuesday, Feb. 13 at 8:30 a.m. EST that will focus on questions and answers. Participating in the conference call will be Mark W. Stewart, chief executive officer and president; and Christina L. Zamarro, executive vice president and chief financial officer.
Over the last 12 months, GT stock rose by 3.42%. The one-year Goodyear Tire & Rubber Co. stock forecast points to a potential upside of 24.07. The average equity rating for GT stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $3.35 billion, with 283.79 million shares outstanding and 282.05 million shares in the current float. Compared to the average trading volume of 4.01M shares, GT stock reached a trading volume of 3515852 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Goodyear Tire & Rubber Co. [GT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GT shares is $15.54 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GT stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
HSBC Securities have made an estimate for Goodyear Tire & Rubber Co. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 04, 2023. While these analysts kept the previous recommendation, Deutsche Bank raised their target price from $13 to $21. The new note on the price target was released on November 16, 2023, representing the official price target for Goodyear Tire & Rubber Co. stock. Previously, the target price had yet another raise to $17, while Nomura analysts kept a Neutral rating on GT stock.
The Average True Range (ATR) for Goodyear Tire & Rubber Co. is set at 0.47, with the Price to Sales ratio for GT stock in the period of the last 12 months amounting to 0.17. The Price to Book ratio for the last quarter was 0.72, with the Price to Cash per share for the same quarter was set at 3.47.
GT Stock Performance Analysis:
Goodyear Tire & Rubber Co. [GT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.60. With this latest performance, GT shares dropped by -19.73% in over the last four-week period, additionally sinking by -8.53% over the last 6 months – not to mention a rise of 3.42% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GT stock in for the last two-week period is set at 33.76, with the RSI for the last a single of trading hit 30.66, and the three-weeks RSI is set at 36.57 for Goodyear Tire & Rubber Co. [GT]. The present Moving Average for the last 50 days of trading for this stock 13.58, while it was recorded at 12.03 for the last single week of trading, and 13.47 for the last 200 days.
Insight into Goodyear Tire & Rubber Co. Fundamentals:
Goodyear Tire & Rubber Co.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.55 and a Current Ratio set at 1.07.
GT Stock EPS
With the latest financial reports released by the company, Goodyear Tire & Rubber Co. posted -0.29/share EPS, while the average EPS was predicted by analysts to be reported at -0.3/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 3.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for GT.
Goodyear Tire & Rubber Co. [GT] Institutonal Ownership Details
The top three institutional holders of GT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in GT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in GT stock with ownership which is approximately 5.8325%.
