Empowered Funds LLC Makes New $6.85 Million Investment in The Goodyear Tire & Rubber Company $GT

Key Points

• Empowered Funds LLC purchased 1,038,250 Goodyear shares during the second quarter, valued at approximately $6.85 million and representing a 0.36% stake.
• Institutional investors and hedge funds own 84.19% of Goodyear, while analysts maintain a consensus “Hold” rating with an average price target of $8.26.
• Goodyear reported a quarterly loss of $0.61 per share, narrowly beating estimates, and revenue of $4.25 billion; however, revenue declined 4.8% year over year and the company posted a negative net margin.

Empowered Funds LLC purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,038,250 shares of the company's stock, valued at approximately $6,852,000. Empowered Funds LLC owned 0.36% of Goodyear Tire & Rubber as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Envestnet Asset Management Inc. lifted its position in shares of Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock worth $177,000 after purchasing an additional 1,011 shares during the last quarter. Pin Oak Investment Advisors Inc. boosted its position in shares of Goodyear Tire & Rubber by 1.4% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company's stock valued at $657,000 after acquiring an additional 1,065 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Goodyear Tire & Rubber by 11.5% in the fourth quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company's stock worth $98,000 after acquiring an additional 1,152 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Goodyear Tire & Rubber by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 131,568 shares of the company's stock worth $1,153,000 after acquiring an additional 1,282 shares during the last quarter. Finally, Advisory Services Network LLC increased its position in Goodyear Tire & Rubber by 2.8% during the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company's stock worth $496,000 after acquiring an additional 1,529 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Weiss Ratings restated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Wall Street Zen upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Zacks Research raised Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $8.26.

Goodyear Tire & Rubber Price Performance

Shares of GT opened at $6.35 on Monday. The company has a market capitalization of $1.83 billion, a P/E ratio of -0.72 and a beta of 1.12. The Goodyear Tire & Rubber Company has a one year low of $5.43 and a one year high of $10.62. The business's 50 day simple moving average is $6.60 and its 200-day simple moving average is $6.81. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, beating analysts' consensus estimates of ($0.63) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to analysts' expectations of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The business's revenue was down 4.8% on a year-over-year basis. During the same period last year, the firm posted ($0.17) EPS. As a group, sell-side analysts predict that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear's core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source