Bayforest Capital Ltd Purchases Shares of 44,100 The Goodyear Tire & Rubber Company (NASDAQ:GT)

Key Points

• Bayforest Capital Ltd purchased 44,100 shares of The Goodyear Tire & Rubber Company, valued at approximately $407,000, indicating growing institutional interest in the stock.
• Goodyear's stock has received a **mix of ratings** from analysts, with BNP Paribas upgrading it to a "strong-buy," while average target prices remain around **$14.20**.
• In its most recent quarterly report, Goodyear posted a **net loss per share** of ($0.04), surpassing expectations of ($0.06), but its revenue showed a **year-over-year decline** of 6.3%.

Bayforest Capital Ltd purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 44,100 shares of the company's stock, valued at approximately $407,000.

A number of other hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its stake in Goodyear Tire & Rubber by 147.5% during the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock worth $26,000 after purchasing an additional 1,674 shares in the last quarter. UMB Bank n.a. increased its stake in Goodyear Tire & Rubber by 125.9% during the 1st quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock worth $29,000 after purchasing an additional 1,748 shares in the last quarter. Cloud Capital Management LLC bought a new stake in Goodyear Tire & Rubber during the 1st quarter worth approximately $33,000. Farther Finance Advisors LLC grew its stake in shares of Goodyear Tire & Rubber by 1,799.1% during the 1st quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock worth $37,000 after acquiring an additional 3,868 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $46,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GT has been the subject of several research reports. Wall Street Zen cut shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Saturday, May 10th. BNP Paribas raised shares of Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. reaffirmed an "overweight" rating and set a $17.00 price target (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Finally, BNP Paribas Exane raised shares of Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 price target for the company in a research note on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $14.20.

Goodyear Tire & Rubber Stock Down 1.8%

Shares of NASDAQ GT traded down $0.19 during trading hours on Friday, hitting $10.09. The company had a trading volume of 5,243,564 shares, compared to its average volume of 5,865,894. The stock has a market capitalization of $2.88 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 0.32 and a beta of 1.37. The company has a quick ratio of 0.64, a current ratio of 1.22 and a debt-to-equity ratio of 1.44. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $12.03. The firm's 50 day moving average is $10.94 and its 200-day moving average is $10.12.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.41 billion. Goodyear Tire & Rubber had a return on equity of 5.31% and a net margin of 1.30%. The firm's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.10 EPS. On average, analysts expect that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Profile

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.