Wolverine Asset Management LLC Takes Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Key Points

• Wolverine Asset Management LLC has invested $323,000 in The Goodyear Tire & Rubber Company by acquiring 35,000 shares during the first quarter.
• Multiple large investors, including Victory Capital Management and Northern Trust Corp, have increased their positions in Goodyear, indicating strong institutional interest, which accounts for over 84% of the company's stock.
• Goodyear recently reported disappointing earnings, with an EPS of ($0.17), missing estimates, and a year-over-year revenue decline of 2.3%.

Wolverine Asset Management LLC acquired a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 35,000 shares of the company's stock, valued at approximately $323,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CenterBook Partners LP purchased a new position in Goodyear Tire & Rubber in the first quarter worth approximately $13,413,000. Charles Schwab Investment Management Inc. lifted its stake in Goodyear Tire & Rubber by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company's stock worth $35,122,000 after acquiring an additional 62,499 shares during the last quarter. Bank of Nova Scotia lifted its stake in Goodyear Tire & Rubber by 9.7% in the first quarter. Bank of Nova Scotia now owns 89,284 shares of the company's stock worth $826,000 after acquiring an additional 7,897 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Goodyear Tire & Rubber by 1,285.9% during the first quarter. PNC Financial Services Group Inc. now owns 317,743 shares of the company's stock worth $2,936,000 after purchasing an additional 294,816 shares in the last quarter. Finally, Natixis Advisors LLC acquired a new stake in Goodyear Tire & Rubber during the first quarter worth approximately $312,000. Hedge funds and other institutional investors own 84.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GT shares. Deutsche Bank Aktiengesellschaft cut 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 research report on Monday. JPMorgan Chase & Co. restated an "overweight" rating and set a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. BNP Paribas downgraded shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday. Finally, BNP Paribas Exane restated a "neutral" rating and set a $9.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.80.

Goodyear Tire & Rubber Trading Down 0.7%

Shares of GT traded down $0.06 during mid-day trading on Tuesday, hitting $8.25. The company had a trading volume of 11,157,032 shares, compared to its average volume of 7,873,450. The business's 50-day simple moving average is $10.65 and its 200-day simple moving average is $10.11. 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 Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $12.03. The stock has a market cap of $2.36 billion, a PE ratio of 5.81, a P/E/G ratio of 0.26 and a beta of 1.37.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its earnings results 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). Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%. 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 posted $0.19 earnings per share. Goodyear Tire & Rubber's revenue was down 2.3% on a year-over-year basis. Sell-side analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

About Goodyear Tire & Rubber

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.