Maverick Capital Ltd. Acquires Shares of 609,752 The Goodyear Tire & Rubber Company $GT

Key Points

• Maverick Capital Ltd. acquired 609,752 shares of The Goodyear Tire & Rubber Company, valued at approximately $5.63 million, indicating increased institutional interest in the company.
• Goodyear's recent quarterly earnings report showed a loss of $0.17 EPS, missing analyst estimates, with a revenue of $4.47 billion, down 2.3% year-over-year.
• The company's stock has seen mixed ratings from analysts, with an average target price of $12.25 and a current market cap of $2.43 billion.

Maverick Capital Ltd. acquired a new position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 609,752 shares of the company's stock, valued at approximately $5,634,000. Maverick Capital Ltd. owned about 0.21% of Goodyear Tire & Rubber as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its holdings in Goodyear Tire & Rubber by 3.3% in the first quarter. Nisa Investment Advisors LLC now owns 28,766 shares of the company's stock worth $266,000 after buying an additional 932 shares during the last quarter. John G Ullman & Associates Inc. increased its holdings in Goodyear Tire & Rubber by 9.1% in the first quarter. John G Ullman & Associates Inc. now owns 18,000 shares of the company's stock worth $166,000 after buying an additional 1,500 shares during the last quarter. Baird Financial Group Inc. grew its holdings in Goodyear Tire & Rubber by 15.1% during 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 last quarter. SummerHaven Investment Management LLC grew its holdings in Goodyear Tire & Rubber by 2.3% during the first quarter. SummerHaven Investment Management LLC now owns 73,318 shares of the company's stock valued at $677,000 after purchasing an additional 1,621 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Goodyear Tire & Rubber by 147.5% during the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock valued at $26,000 after purchasing an additional 1,674 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock traded up $0.08 during trading on Friday, reaching $8.50. 8,149,188 shares of the company's stock were exchanged, compared to its average volume of 8,857,670. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $2.43 billion, a PE ratio of 5.99, a PEG ratio of 0.74 and a beta of 1.37. The Goodyear Tire & Rubber Company has a twelve month low of $7.27 and a twelve month high of $12.03. The firm's fifty day moving average price is $9.82 and its 200-day moving average price is $10.05.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted 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). The business had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The firm's revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. As a group, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Wall Street Zen downgraded Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. Deutsche Bank Aktiengesellschaft lowered their price target on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Hsbc Global Res downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. BNP Paribas Exane reiterated a "neutral" rating and set a $9.00 price target on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Finally, 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 report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.25.

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.