SummerHaven Investment Management LLC Grows Holdings in The Goodyear Tire & Rubber Company $GT

SummerHaven Investment Management LLC grew its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,711 shares of the company’s stock after purchasing an additional 1,393 shares during the period. SummerHaven Investment Management LLC’s holdings in Goodyear Tire & Rubber were worth $775,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Guardian Investment Management increased its stake in Goodyear Tire & Rubber by 5.1% in the second quarter. Guardian Investment Management now owns 41,500 shares of the company’s stock worth $430,000 after purchasing an additional 2,000 shares during the period. Signaturefd LLC increased its stake in shares of Goodyear Tire & Rubber by 125.6% during the second quarter. Signaturefd LLC now owns 4,508 shares of the company’s stock valued at $47,000 after buying an additional 2,510 shares during the period. Fifth Third Bancorp increased its stake in shares of Goodyear Tire & Rubber by 113.1% during the second quarter. Fifth Third Bancorp now owns 7,840 shares of the company’s stock valued at $81,000 after buying an additional 4,161 shares during the period. GAMMA Investing LLC increased its stake in shares of Goodyear Tire & Rubber by 73.1% during the second quarter. GAMMA Investing LLC now owns 4,863 shares of the company’s stock valued at $50,000 after buying an additional 2,054 shares during the period. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the second quarter valued at $114,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

Shares of GT stock opened at $7.86 on Monday. The Goodyear Tire & Rubber Company has a 1-year low of $7.80 and a 1-year high of $12.03. The stock’s 50-day moving average is $9.02 and its 200 day moving average is $9.95. The company has a market cap of $2.25 billion, a P/E ratio of 5.54, a PEG ratio of 0.96 and a beta of 1.37. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The company had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the previous year, the business earned $0.19 EPS. Goodyear Tire & Rubber’s revenue for the quarter was down 2.3% compared to the same quarter last year. Research analysts predict that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on GT. Citigroup began coverage on Goodyear Tire & Rubber in a research note on Monday, September 8th. They set a “neutral” rating and a $10.00 price target on the stock. BNP Paribas lowered Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. Hsbc Global Res lowered Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. BNP Paribas Exane restated a “neutral” rating and set a $9.00 price target on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.93.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.