Caas Capital Management LP bought a new position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 32,100 shares of the company's stock, valued at approximately $297,000.
Other hedge funds also recently bought and sold shares of the company. Brevan Howard Capital Management LP acquired a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth $606,000. Norges Bank acquired a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth $39,626,000. Capula Management Ltd acquired a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth $330,000. Franklin Resources Inc. raised its holdings in shares of Goodyear Tire & Rubber by 65.9% during the fourth quarter. Franklin Resources Inc. now owns 224,124 shares of the company's stock worth $2,017,000 after acquiring an additional 88,993 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Goodyear Tire & Rubber by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company's stock worth $33,648,000 after acquiring an additional 205,629 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages recently commented on GT. JPMorgan Chase & Co. restated an "overweight" rating and set a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. BNP Paribas upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 price target on the stock in a research note on Monday, March 31st. BNP Paribas Exane upgraded shares of Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 price target on the stock in a research note on Monday, June 9th. Finally, Wall Street Zen lowered shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Saturday, May 10th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $14.20.
Get Our Latest Research Report on GT
Goodyear Tire & Rubber Stock Performance
Shares of GT traded down $0.11 during midday trading on Monday, reaching $11.08. The stock had a trading volume of 4,719,355 shares, compared to its average volume of 5,837,730. The firm has a 50 day simple moving average of $10.98 and a 200-day simple moving average of $9.92. The Goodyear Tire & Rubber Company has a one year low of $7.27 and a one year high of $12.58. The firm has a market cap of $3.17 billion, a PE ratio of 13.19, a P/E/G ratio of 0.32 and a beta of 1.35. The company has a current ratio of 1.22, a quick ratio of 0.64 and a debt-to-equity ratio of 1.44.
Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.02. Goodyear Tire & Rubber had a net margin of 1.30% and a return on equity of 5.31%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter last year, the firm posted $0.10 EPS. The company's quarterly revenue was down 6.3% on a year-over-year basis. As a group, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.
Goodyear Tire & Rubber Profile
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Free Report)
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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