PNC Financial Services Group Inc. Increases Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Key Points

• PNC Financial Services Group Inc. increased its holdings in The Goodyear Tire & Rubber Company by 1,285.9%, acquiring 294,816 shares, bringing its total to 317,743 shares valued at approximately $2.9 million.
• Goodyear's stock recently experienced an 18.5% decline, with analysts rating it as a "Moderate Buy" and setting an average target price of $13.00.
• In its latest quarterly earnings report, Goodyear reported a net loss of ($0.17) EPS, falling short of analysts' expectations, while revenue decreased by 2.3% year-over-year.

PNC Financial Services Group Inc. increased its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 1,285.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 317,743 shares of the company's stock after purchasing an additional 294,816 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.11% of Goodyear Tire & Rubber worth $2,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Goodyear Tire & Rubber by 147.5% in the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock worth $26,000 after buying an additional 1,674 shares during the period. UMB Bank n.a. lifted its holdings in Goodyear Tire & Rubber by 125.9% in the first quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock worth $29,000 after buying an additional 1,748 shares during the period. Cloud Capital Management LLC purchased a new stake in Goodyear Tire & Rubber in the first quarter worth about $33,000. Farther Finance Advisors LLC lifted its holdings in Goodyear Tire & Rubber by 1,799.1% in the first quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock worth $37,000 after buying an additional 3,868 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Goodyear Tire & Rubber in the fourth quarter worth about $46,000. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Trading Down 0.7%

Shares of NASDAQ:GT traded down $0.06 during trading on Tuesday, reaching $8.25. The company's stock had a trading volume of 10,887,920 shares, compared to its average volume of 6,413,874. The Goodyear Tire & Rubber Company has a 12 month low of $7.27 and a 12 month high of $12.03. The stock has a market capitalization of $2.36 billion, a PE ratio of 5.81, a price-to-earnings-growth ratio of 0.26 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 firm's 50 day simple moving average is $10.72 and its two-hundred day simple moving average is $10.13.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). The firm had revenue of $4.47 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.19 EPS. On average, research analysts predict that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on GT. BNP Paribas Exane reaffirmed a "neutral" rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a report on Friday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating for the company in a report on Monday. Wall Street Zen lowered shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Finally, BNP Paribas lowered shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.80.

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.