Chelsea Counsel Co. Invests $1.23 Million in The Goodyear Tire & Rubber Company $GT

Key Points

• Chelsea Counsel Co. has invested approximately $1.23 million in The Goodyear Tire & Rubber Company, acquiring 118,160 shares in the second quarter.
• Institutional investors now own 84.19% of Goodyear's stock, indicating strong confidence in the company's performance.
• The company reported a loss of $0.17 per share in its latest earnings results, falling short of analyst expectations, with revenue also down 2.3% year-over-year.

Chelsea Counsel Co. acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 118,160 shares of the company's stock, valued at approximately $1,225,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in 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 during the last quarter. UMB Bank n.a. increased its position in shares of Goodyear Tire & Rubber by 125.9% during the first quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock worth $29,000 after acquiring an additional 1,748 shares during the last quarter. Cloud Capital Management LLC bought a new stake in Goodyear Tire & Rubber in the first quarter valued at about $33,000. Farther Finance Advisors LLC increased its holdings in Goodyear Tire & Rubber by 1,799.1% in the first quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock valued at $37,000 after buying an additional 3,868 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in Goodyear Tire & Rubber by 125.6% in the second quarter. Signaturefd LLC now owns 4,508 shares of the company's stock valued at $47,000 after buying an additional 2,510 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft lowered their target price on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating for the company in a report on Monday, August 11th. BNP Paribas Exane restated a "neutral" rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. Hsbc Global Res downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Citigroup assumed coverage on Goodyear Tire & Rubber in a report on Monday, September 8th. They issued a "neutral" rating and a $10.00 price target on the stock. Finally, HSBC reissued a "hold" rating and set a $9.50 target price (down 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 given a Hold rating to the stock. Based on data from MarketBeat, Goodyear Tire & Rubber currently has an average rating of "Moderate Buy" and an average price target of $11.93.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $7.48 on Wednesday. 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 stock has a market capitalization of $2.14 billion, a P/E ratio of 5.27, a price-to-earnings-growth ratio of 0.91 and a beta of 1.37. The firm has a 50 day moving average of $8.88 and a 200-day moving average of $9.92. The Goodyear Tire & Rubber Company has a 1 year low of $7.41 and a 1 year high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its quarterly 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). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The company had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same period in the prior year, the business earned $0.19 EPS. The business's revenue for the quarter was down 2.3% 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 fiscal 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.

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