Bayforest Capital Ltd Purchases Shares of 44,100 The Goodyear Tire & Rubber Company $GT

Key Points

• Bayforest Capital Ltd has acquired 44,100 shares of The Goodyear Tire & Rubber Company, totaling approximately $407,000 in the 1st quarter.
• Several institutional investors, including American Century Companies Inc. and Victory Capital Management Inc., have increased their stakes in Goodyear, with 84.19% of the stock currently owned by institutional investors and hedge funds.
• Recent analyst reports have impacted Goodyear's ratings, with HSBC lowering its price target to $9.50 and Deutsche Bank setting a new target of $12.00, indicating mixed confidence in the company’s performance.

Bayforest Capital Ltd purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 44,100 shares of the company's stock, valued at approximately $407,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. American Century Companies Inc. increased its position in Goodyear Tire & Rubber by 11.7% in the 1st quarter. American Century Companies Inc. now owns 10,786,387 shares of the company's stock valued at $99,666,000 after acquiring an additional 1,134,058 shares during the period. Victory Capital Management Inc. increased its position in shares of Goodyear Tire & Rubber by 1.9% during the first quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company's stock worth $48,489,000 after buying an additional 99,933 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Goodyear Tire & Rubber by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company's stock worth $35,122,000 after buying an additional 62,499 shares during the period. Nuveen LLC acquired a new stake in shares of Goodyear Tire & Rubber during the first quarter worth $20,422,000. Finally, KLCM Advisors Inc. increased its position in shares of Goodyear Tire & Rubber by 2.2% during the first quarter. KLCM Advisors Inc. now owns 1,808,910 shares of the company's stock worth $16,714,000 after buying an additional 38,480 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on GT shares. HSBC reiterated a "hold" rating and set a $9.50 price objective (down from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft decreased their price objective 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. BNP Paribas Exane reiterated a "neutral" rating and set a $9.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. Hsbc Global Res lowered shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and set a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. One investment 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's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.93.

Goodyear Tire & Rubber Stock Up 0.1%

Shares of NASDAQ GT opened at $8.56 on Thursday. The firm has a market cap of $2.45 billion, a PE ratio of 6.03, a P/E/G ratio of 0.76 and a beta of 1.37. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $12.03. The company's fifty day simple moving average is $9.69 and its 200 day simple moving average is $10.02. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.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 prior year, the company earned $0.19 earnings per share. The firm's revenue was down 2.3% compared to the same quarter last year. As a group, sell-side analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Company 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.

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