398,453 Shares in The Goodyear Tire & Rubber Company $GT Acquired by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC has acquired approximately 398,453 shares of The Goodyear Tire & Rubber Company, valued at about $3.68 million, representing 0.14% of the company.
• Goodyear's stock recently traded down 2.5% to $8.29, with a market cap of $2.37 billion and mixed analyst ratings from various financial institutions.
• The company reported earnings per share of ($0.17), missing estimates, with revenue of $4.47 billion, marking a 2.3% year-over-year decline.

Kovitz Investment Group Partners LLC bought a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 398,453 shares of the company's stock, valued at approximately $3,682,000. Kovitz Investment Group Partners LLC owned about 0.14% of Goodyear Tire & Rubber at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GT. Nuveen LLC acquired a new stake in Goodyear Tire & Rubber in the first quarter valued at approximately $20,422,000. Maple Rock Capital Partners Inc. acquired a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth $16,875,000. CenterBook Partners LP purchased a new stake in shares of Goodyear Tire & Rubber during the 1st quarter valued at $13,413,000. Atlantic Investment Management Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the 4th quarter worth $11,803,000. Finally, Greenvale Capital LLP purchased a new position in Goodyear Tire & Rubber during the 4th quarter worth $6,750,000. 84.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented 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 lowered shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 8th. BNP Paribas Exane reiterated a "neutral" rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $17.00 price target (down previously from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Finally, Hsbc Global Res lowered shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of "Moderate Buy" and an average price target of $12.25.

Goodyear Tire & Rubber Stock Up 4.7%

NASDAQ:GT traded up $0.3850 during midday trading on Friday, reaching $8.6350. The company had a trading volume of 7,346,354 shares, compared to its average volume of 6,542,055. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $12.03. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 6.09, a PEG ratio of 0.73 and a beta of 1.37. 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's fifty day simple moving average is $10.26 and its 200-day simple moving average is $10.08.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) 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. Goodyear Tire & Rubber's revenue for the quarter was down 2.3% on a year-over-year basis. On average, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Goodyear Tire & Rubber 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.