Strs Ohio Takes Position in The Goodyear Tire & Rubber Company $GT

Key Points

• Strs Ohio purchased 98,900 shares of The Goodyear Tire & Rubber Company valued at approximately $914,000, marking its first-quarter investment in the company.
• Analysts have set a consensus price target of $11.93 for Goodyear shares, with ratings including one "Strong Buy," three "Buy," and five "Hold" ratings.
• Goodyear's recent quarterly earnings report showed a loss of ($0.17) per share, missing estimates by $0.31, with a revenue of $4.47 billion.

Strs Ohio acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 98,900 shares of the company's stock, valued at approximately $914,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its holdings in Goodyear Tire & Rubber by 3.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 28,766 shares of the company's stock worth $266,000 after purchasing an additional 932 shares in the last quarter. John G Ullman & Associates Inc. grew its holdings in shares of Goodyear Tire & Rubber by 9.1% in the first quarter. John G Ullman & Associates Inc. now owns 18,000 shares of the company's stock valued at $166,000 after acquiring an additional 1,500 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Goodyear Tire & Rubber by 2.3% in the first quarter. SummerHaven Investment Management LLC now owns 73,318 shares of the company's stock valued at $677,000 after acquiring an additional 1,621 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Goodyear Tire & Rubber by 147.5% in the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock valued at $26,000 after acquiring an additional 1,674 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Goodyear Tire & Rubber by 125.9% in the first quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock valued at $29,000 after purchasing an additional 1,748 shares during the last quarter. 84.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

GT has been the topic of several research analyst reports. Citigroup initiated coverage on Goodyear Tire & Rubber in a research note on Monday, September 8th. They issued a "neutral" rating and a $10.00 price objective on the stock. BNP Paribas Exane reiterated a "neutral" rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. BNP Paribas cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. JPMorgan Chase & Co. reissued an "overweight" rating and issued a $17.00 target price (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Finally, HSBC reissued a "hold" rating and issued a $9.50 target price (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $11.93.

Goodyear Tire & Rubber Stock Down 1.5%

NASDAQ GT traded down $0.13 during mid-day trading on Friday, reaching $8.48. The stock had a trading volume of 12,411,997 shares, compared to its average volume of 6,375,643. The Goodyear Tire & Rubber Company has a 1 year low of $7.80 and a 1 year high of $12.03. The stock has a market cap of $2.43 billion, a PE ratio of 5.97, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37. The company has a fifty day moving average price of $9.30 and a 200 day moving average price of $9.98. 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 - Get Free Report) last announced its earnings results 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). The company had revenue of $4.47 billion for the quarter, compared to analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. Goodyear Tire & Rubber's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. On average, research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

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.