336,300 Shares in The Goodyear Tire & Rubber Company $GT Bought by Algert Global LLC

Key Points

• Algert Global LLC has acquired a new stake by purchasing 336,300 shares of The Goodyear Tire & Rubber Company, valued at approximately $3,107,000, which represents 0.12% ownership of the company.
• Multiple hedge funds have recently increased their positions in Goodyear, with institutional investors now holding 84.19% of the stock.
• Goodyear's latest earnings report showed a miss on EPS by ($0.31) and a revenue decline of 2.3% year-over-year, prompting analysts to adjust target prices and ratings for the stock.

Algert Global LLC acquired a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 336,300 shares of the company's stock, valued at approximately $3,107,000. Algert Global LLC owned approximately 0.12% of Goodyear Tire & Rubber as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brevan Howard Capital Management LP bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter valued at approximately $606,000. CenterBook Partners LP purchased a new stake in Goodyear Tire & Rubber during the first quarter valued at approximately $13,413,000. PNC Financial Services Group Inc. lifted its position in Goodyear Tire & Rubber by 1,285.9% during the first quarter. PNC Financial Services Group Inc. now owns 317,743 shares of the company's stock valued at $2,936,000 after acquiring an additional 294,816 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Goodyear Tire & Rubber during the first quarter valued at approximately $308,000. Finally, Natixis Advisors LLC purchased a new stake in Goodyear Tire & Rubber during the first quarter valued at approximately $312,000. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT traded up $0.40 during midday trading on Friday, reaching $8.65. The company had a trading volume of 9,535,911 shares, compared to its average volume of 9,518,539. The business's 50-day simple moving average is $10.21 and its 200 day simple moving average is $10.09. The stock has a market cap of $2.47 billion, a P/E ratio of 6.09, a P/E/G ratio of 0.76 and a beta of 1.37. The Goodyear Tire & Rubber Company has a 1 year low of $7.27 and a 1 year high of $12.03. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). The company had revenue of $4.47 billion during the quarter, compared to analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The company's quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 EPS. On average, analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. BNP Paribas Exane reissued a "neutral" rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. Wall Street Zen cut shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Hsbc Global Res cut shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Finally, BNP Paribas cut shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $12.25.

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.