Caxton Associates LLP Acquires New Holdings in The Goodyear Tire & Rubber Company $GT

Key Points

• Caxton Associates LLP acquired a new stake of 122,399 shares in The Goodyear Tire & Rubber Company, valued at approximately $1,131,000.
• Several large investors, including Nisa Investment Advisors LLC and Baird Financial Group Inc., have increased their holdings in Goodyear, with institutional investors now owning 84.19% of the company's stock.
• Goodyear reported a quarterly loss, with an earnings per share (EPS) of ($0.17), missing analysts' consensus estimates of $0.14, and its revenue declined by 2.3% year-over-year.

Caxton Associates LLP purchased a new position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 122,399 shares of the company's stock, valued at approximately $1,131,000.

Several other hedge funds have also added to or reduced their stakes in GT. Raymond James Financial Inc. bought a new stake in Goodyear Tire & Rubber in the fourth quarter worth $193,000. Balyasny Asset Management L.P. lifted its stake in Goodyear Tire & Rubber by 84.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 203,600 shares of the company's stock worth $1,832,000 after purchasing an additional 93,132 shares during the last quarter. Baird Financial Group Inc. lifted its stake in Goodyear Tire & Rubber by 15.1% in the fourth quarter. Baird Financial Group Inc. now owns 12,296 shares of the company's stock worth $111,000 after purchasing an additional 1,617 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Goodyear Tire & Rubber by 22.6% in the fourth quarter. Cetera Investment Advisers now owns 69,056 shares of the company's stock valued at $622,000 after acquiring an additional 12,737 shares during the period. Finally, Deutsche Bank AG increased its position in shares of Goodyear Tire & Rubber by 41.0% in the fourth quarter. Deutsche Bank AG now owns 274,072 shares of the company's stock valued at $2,467,000 after acquiring an additional 79,686 shares during the period. 84.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GT has been the topic of a number of analyst reports. 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. BNP Paribas Exane restated a "neutral" rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. JPMorgan Chase & Co. restated an "overweight" rating and issued a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Finally, Hsbc Global Res cut shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $11.93.

Goodyear Tire & Rubber Stock Up 0.3%

GT traded up $0.03 during midday trading on Monday, reaching $8.54. The company's stock had a trading volume of 2,142,826 shares, compared to its average volume of 6,533,933. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 6.01, a PEG ratio of 0.75 and a beta of 1.37. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24. The Goodyear Tire & Rubber Company has a 1 year low of $7.79 and a 1 year high of $12.03. The stock's 50-day moving average is $9.58 and its 200-day moving average is $10.01.

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). The firm had revenue of $4.47 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $0.19 EPS. As a group, research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS 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.