Edgestream Partners L.P. Cuts Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Edgestream Partners L.P. lowered its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 33.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 135,331 shares of the company's stock after selling 67,126 shares during the period. Edgestream Partners L.P.'s holdings in Goodyear Tire & Rubber were worth $1,250,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. GAMMA Investing LLC grew its position in shares of Goodyear Tire & Rubber by 147.5% during the 1st 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 period. UMB Bank n.a. lifted its stake in Goodyear Tire & Rubber by 125.9% in the 1st quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock valued at $29,000 after buying an additional 1,748 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Goodyear Tire & Rubber in the 1st quarter worth about $33,000. Farther Finance Advisors LLC increased its stake in Goodyear Tire & Rubber by 1,799.1% during the 1st quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock worth $37,000 after buying an additional 3,868 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at approximately $46,000. Institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Price Performance

Shares of GT traded up $0.28 during midday trading on Tuesday, hitting $11.29. 6,459,052 shares of the company traded hands, compared to its average volume of 5,879,307. The Goodyear Tire & Rubber Company has a one year low of $7.27 and a one year high of $12.31. The stock has a 50-day moving average of $10.97 and a 200-day moving average of $9.99. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.22 and a quick ratio of 0.64. The firm has a market cap of $3.23 billion, a P/E ratio of 13.44, a PEG ratio of 0.35 and a beta of 1.35.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.02. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.41 billion. Goodyear Tire & Rubber had a net margin of 1.30% and a return on equity of 5.31%. The company's quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.10 EPS. As a group, sell-side analysts predict that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GT shares. Wall Street Zen cut Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Saturday, May 10th. BNP Paribas Exane raised Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 target price on the stock in a report 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. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $17.00 price target (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Finally, BNP Paribas upgraded Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of "Buy" and a consensus target price of $14.20.

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.