Nuveen LLC Acquires New Holdings in The Goodyear Tire & Rubber Company $GT

Key Points

• Nuveen LLC made a significant investment of approximately $20.42 million in The Goodyear Tire & Rubber Company, acquiring over 2.2 million shares, or 0.78% of the company.
• Several other institutional investors have also increased their stakes in Goodyear, with notable increases in ownership from GAMMA Investing LLC and UMB Bank.
• Goodyear's recent earnings report showed a loss per share of ($0.17), missing analysts' expectations, with revenue of $4.47 billion for the quarter.

Nuveen LLC purchased a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,210,225 shares of the company's stock, valued at approximately $20,422,000. Nuveen LLC owned approximately 0.78% of Goodyear Tire & Rubber at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GT. Maple Rock Capital Partners Inc. bought a new stake in Goodyear Tire & Rubber during the fourth quarter worth $16,875,000. CenterBook Partners LP bought a new position in shares of Goodyear Tire & Rubber in the first quarter valued at about $13,413,000. Atlantic Investment Management Inc. bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at about $11,803,000. Greenvale Capital LLP bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at about $6,750,000. Finally, Marshall Wace LLP raised its position in shares of Goodyear Tire & Rubber by 883.9% in the fourth quarter. Marshall Wace LLP now owns 716,414 shares of the company's stock valued at $6,448,000 after purchasing an additional 643,597 shares during the period. 84.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

GT has been the topic of several research analyst reports. Wall Street Zen lowered shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. HSBC reissued a "hold" rating and issued a $9.50 price objective (down from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday. Hsbc Global Res lowered shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Finally, BNP Paribas downgraded shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.25.

Goodyear Tire & Rubber Price Performance

Shares of GT traded up $0.40 during mid-day trading on Friday, reaching $8.65. The company had a trading volume of 9,535,911 shares, compared to its average volume of 9,518,539. The company's 50 day simple moving average is $10.21 and its 200 day simple moving average is $10.09. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $12.03. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 6.09, a P/E/G ratio of 0.76 and a beta of 1.37.

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 for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). The company had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.50 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The company's revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 earnings per share. Analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current 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.