The Vanguard Group, Inc. recently announced the acquisition of new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT). The institutional investor has increased its shareholding in the Consumer Cyclical company by 0.33% to 27.65 million shares with purchase of 90777.0 shares. This fresh investment now brings its stake to 9.78% valued currently at $351.1 million. In addition, Dimensional Fund Advisors LP raised its holdings by 80358.0 to 13.9 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.95% or 0.28 million shares – to 9.59 million shares.
With over 4.45 million The Goodyear Tire & Rubber Company (GT) shares trading Tuesday and a closing price of $11.29 on the day, the dollar volume was approximately $50.2 million. The shares have shown a negative half year performance of -0.62% and its price on 11/22/22 gained nearly 5.02%. Currently, there are 284.00M common shares owned by the public and among those 281.70M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for GT have a consensus price objective of $14.14. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $10.00. The average price target is 20.16% above its recent price level and a downside to the estimated low will see the stock lose -12.9% over that period. But an upside of 33.59% will see the stock hit the forecast high price target while median target price for the stock is $15.00.
Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 839,856 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 595,155 shares.
The top 3 mutual fund holders in The Goodyear Tire & Rubber Company are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 8.5 million shares of the company’s stock, all valued at over $107.93 million. The company bought an additional 3304.0 shares recently to bring their total holdings to about 3.01% of the shares outstanding. Vanguard Total Stock Market Index bought 21370.0 shares to see its total holdings expand to 8.47 million shares valued at over $107.61 million and representing 3.00% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.12 million shares to bring its total holdings to over 7.3 million shares at a value of $92.67 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.58% of the shares outstanding.
Shares of The Goodyear Tire & Rubber Company (NASDAQ: GT) opened at $10.85, up $0.1 from a prior closing price of $10.75. However, the script later moved the day high at 11.31, up 5.02%. The company’s stock has a 5-day price change of 2.26% and -21.16% over the past three months. GT shares are trading -47.05% year to date (YTD), with the 12-month market performance down to -49.67% lower. It has a 12-month low price of $9.76 and touched a high of $24.17 over the same period. GT has an average intraday trading volume of 4.49 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.51%, -0.50%, and -12.07% respectively.
Institutional ownership of The Goodyear Tire & Rubber Company (NASDAQ: GT) shares accounts for 82.30% of the company’s 284.00M shares outstanding. Mutual fund holders own 37.87%, while other institutional holders and individual stakeholders account for 43.56% and 1.11% respectively.
It has a market capitalization of $3.11B and a beta (3y monthly) value of 1.90. The stock’s trailing 12-month PE ratio is 3.75, while the earnings-per-share (ttm) stands at $3.01. The company has a PEG of 0.41 and a Quick Ratio of 0.70 with the debt-to-equity ratio at 1.70. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.73% over the week and 4.63% over the month.
Analysts forecast that The Goodyear Tire & Rubber Company (GT) will achieve an EPS of $0.54 for the current quarter, $0.52 for the next quarter and $2.54 for 2023. The lowest estimate earnings-per-share for the quarter is $0.41 while analysts give the company a high EPS estimate of $0.64. Comparatively, EPS for the current quarter was $0.72 a year ago. Earnings per share for the fiscal year are expected to increase by 154.00%, and 26.78% over the next financial year. EPS should grow at an annualized rate of 9.13% over the next five years, compared to -9.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate The Goodyear Tire & Rubber Company (GT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 3 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GT, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on July 18, 2022, with the firm’s price target at $19-$15. Nomura coverage for the The Goodyear Tire & Rubber Company (GT) stock in a research note released on May 10, 2022 offered a Buy rating with a price target of $15.30. Nomura on their part issued Neutral rating on February 14, 2022.