750,000 Shares in The Goodyear Tire & Rubber Company (NASDAQ:GT) Purchased by Greenvale Capital LLP

Greenvale Capital LLP acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 750,000 shares of the company's stock, valued at approximately $6,750,000. Goodyear Tire & Rubber comprises about 0.5% of Greenvale Capital LLP's portfolio, making the stock its 15th largest holding. Greenvale Capital LLP owned approximately 0.26% of Goodyear Tire & Rubber as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GT. Allworth Financial LP grew its holdings in shares of Goodyear Tire & Rubber by 251.8% in the fourth quarter. Allworth Financial LP now owns 4,274 shares of the company's stock worth $40,000 after purchasing an additional 3,059 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Goodyear Tire & Rubber in the 3rd quarter worth approximately $45,000. Signaturefd LLC lifted its stake in shares of Goodyear Tire & Rubber by 61.2% in the 4th quarter. Signaturefd LLC now owns 5,259 shares of the company's stock valued at $47,000 after purchasing an additional 1,997 shares during the period. Newbridge Financial Services Group Inc. purchased a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at approximately $54,000. Finally, Transce3nd LLC purchased a new stake in Goodyear Tire & Rubber in the fourth quarter worth $61,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GT has been the topic of a number of recent research reports. StockNews.com downgraded shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday. Argus upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $12.00 price target on the stock in a research note on Tuesday, February 18th. TD Cowen started coverage on shares of Goodyear Tire & Rubber in a report on Friday, March 7th. They set a "buy" rating and a $14.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 price objective for the company in a research note on Monday, March 31st. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of "Moderate Buy" and a consensus target price of $13.25.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock traded up $0.32 on Tuesday, hitting $11.29. 6,122,496 shares of the company traded hands, compared to its average volume of 5,212,699. The business has a 50-day simple moving average of $9.85 and a 200 day simple moving average of $9.47. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $13.21. The stock has a market capitalization of $3.22 billion, a P/E ratio of 47.04 and a beta of 1.42. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The firm had revenue of $4.25 billion for the quarter, compared to analysts' expectations of $4.41 billion. During the same period in the previous year, the firm posted $0.10 earnings per share. The business's revenue was down 6.3% compared to the same quarter last year. Research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal 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.