LM Asset Management Inc. purchased a new position in The Goodyear Tire & Rubber Company (NASDAQ:GT – Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,450,000 shares of the company’s stock, valued at approximately $9,570,000,000. Goodyear Tire & Rubber accounts for about 5.9% of LM Asset Management Inc.’s portfolio, making the stock its 6th largest holding. LM Asset Management Inc. owned approximately 0.50% of Goodyear Tire & Rubber as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of GT. Envestnet Asset Management Inc. grew its holdings in Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after purchasing an additional 1,011 shares during the last quarter. Pin Oak Investment Advisors Inc. raised its stake in shares of Goodyear Tire & Rubber by 1.4% during the 4th quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock worth $657,000 after buying an additional 1,065 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Goodyear Tire & Rubber by 11.5% in the 4th quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company’s stock worth $98,000 after buying an additional 1,152 shares in the last quarter. Cetera Investment Advisers grew its stake in Goodyear Tire & Rubber by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock valued at $1,153,000 after acquiring an additional 1,282 shares during the last quarter. Finally, Advisory Services Network LLC grew its stake in Goodyear Tire & Rubber by 2.8% in the 4th quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock valued at $496,000 after acquiring an additional 1,529 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on GT. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. JPMorgan Chase & Co. lifted their price objective on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.26.
Goodyear Tire & Rubber Trading Down 2.5%
Goodyear Tire & Rubber stock opened at $5.84 on Friday. The stock has a 50-day moving average price of $6.62 and a 200 day moving average price of $6.98. The Goodyear Tire & Rubber Company has a 52 week low of $5.43 and a 52 week high of $10.62. The stock has a market cap of $1.68 billion, a PE ratio of -0.66 and a beta of 1.12. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92.
Goodyear Tire & Rubber (NASDAQ:GT – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The firm’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) EPS. Equities research analysts predict that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current fiscal year.
About Goodyear Tire & Rubber
The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.
Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.
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