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

Goodyear Tire & Rubber logo with Auto/Tires/Trucks background

Edgestream Partners L.P. trimmed its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 33.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in Goodyear Tire & Rubber in the 4th quarter valued at about $39,626,000. Maple Rock Capital Partners Inc. bought a new stake in Goodyear Tire & Rubber in the 4th quarter valued at about $16,875,000. Atlantic Investment Management Inc. bought a new stake in Goodyear Tire & Rubber in the 4th quarter valued at about $11,803,000. American Century Companies Inc. raised its stake in Goodyear Tire & Rubber by 10.3% in the 4th quarter. American Century Companies Inc. now owns 9,652,329 shares of the company's stock valued at $86,871,000 after acquiring an additional 897,463 shares during the period. Finally, Greenvale Capital LLP bought a new stake in Goodyear Tire & Rubber in the 4th quarter valued at about $6,750,000. 84.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. BNP Paribas Exane raised shares of Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 price objective for the company in a research note on Monday, June 9th. BNP Paribas upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research 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 objective on the stock in a research report on Monday, March 31st. Wall Street Zen cut shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Finally, JPMorgan Chase & Co. restated an "overweight" rating and issued a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $14.20.

Get Our Latest Report on GT

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock traded up $0.21 on Monday, hitting $10.88. 2,639,629 shares of the company's stock were exchanged, compared to its average volume of 5,855,221. The company has a 50-day simple moving average of $10.97 and a 200-day simple moving average of $9.99. The stock has a market capitalization of $3.11 billion, a PE ratio of 12.93, a PEG ratio of 0.34 and a beta of 1.35. The Goodyear Tire & Rubber Company has a 1 year low of $7.27 and a 1 year high of $12.31. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.64 and a current ratio of 1.22.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released 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. 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 for the quarter, compared to analysts' expectations of $4.41 billion. During the same quarter in the previous year, the company earned $0.10 EPS. Goodyear Tire & Rubber's revenue for the quarter was down 6.3% on a year-over-year basis. As a group, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

About Goodyear Tire & Rubber

(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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Institutional Ownership by Quarter for Goodyear Tire & Rubber (NASDAQ:GT)

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