Davis Investment Partners LLC Takes $583,000 Position in The Goodyear Tire & Rubber Company $GT

Key Points

• Davis Investment Partners LLC has invested approximately $583,000 in The Goodyear Tire & Rubber Company, purchasing 54,670 shares of stock during the second quarter.
• The company reported a loss of $0.17 earnings per share for the last quarter, missing estimates of $0.14, with a revenue of $4.47 billion, falling short of the expected $4.50 billion.
• Goodyear Tire & Rubber has received a range of ratings from analysts, with one Strong Buy, three Buy, and five Hold ratings currently, with an average target price of $11.93.

Davis Investment Partners LLC acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 54,670 shares of the company's stock, valued at approximately $583,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Baird Financial Group Inc. grew its holdings 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 valued at $111,000 after purchasing an additional 1,617 shares during the period. Cetera Investment Advisers grew its stake 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 buying an additional 12,737 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Goodyear Tire & Rubber by 41.0% in the 4th quarter. Deutsche Bank AG now owns 274,072 shares of the company's stock valued at $2,467,000 after purchasing an additional 79,686 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Goodyear Tire & Rubber by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,148 shares of the company's stock valued at $1,459,000 after purchasing an additional 6,189 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of Goodyear Tire & Rubber by 41.2% in the 4th quarter. ProShare Advisors LLC now owns 93,577 shares of the company's stock valued at $842,000 after purchasing an additional 27,308 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Citigroup initiated coverage on Goodyear Tire & Rubber in a research report on Monday, September 8th. They issued a "neutral" rating and a $10.00 target price for the company. BNP Paribas Exane reiterated a "neutral" rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft cut their target price on 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. BNP Paribas lowered Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. restated an "overweight" rating and issued a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $11.93.

Goodyear Tire & Rubber Trading Down 2.5%

Shares of NASDAQ GT traded down $0.22 during mid-day trading on Friday, hitting $8.40. The stock had a trading volume of 5,807,115 shares, compared to its average volume of 6,552,516. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. The business has a 50 day moving average price of $9.36 and a two-hundred day moving average price of $9.98. The firm has a market cap of $2.40 billion, a P/E ratio of 5.90, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37. The Goodyear Tire & Rubber Company has a 1 year low of $7.80 and a 1 year high of $12.03.

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 for the quarter, missing analysts' consensus estimates 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 business had revenue of $4.47 billion during the quarter, compared to analysts' expectations of $4.50 billion. During the same period last year, the firm posted $0.19 EPS. Goodyear Tire & Rubber's quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS 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.