Legacy Capital Group California Inc. Acquires 13,338 Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT)

Legacy Capital Group California Inc. lifted its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 115.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,911 shares of the company’s stock after acquiring an additional 13,338 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Goodyear Tire & Rubber were worth $220,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. National Bank of Canada FI boosted its position in Goodyear Tire & Rubber by 2,944.7% during the 1st quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock valued at $21,600,000 after acquiring an additional 1,611,966 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Goodyear Tire & Rubber by 91.5% during the second quarter. AQR Capital Management LLC now owns 2,536,252 shares of the company’s stock valued at $28,203,000 after purchasing an additional 1,211,519 shares in the last quarter. American Century Companies Inc. grew its stake in Goodyear Tire & Rubber by 16.2% in the second quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after purchasing an additional 1,013,550 shares during the period. Vanguard Group Inc. raised its holdings in Goodyear Tire & Rubber by 2.6% in the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after purchasing an additional 765,529 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Goodyear Tire & Rubber during the second quarter valued at $8,492,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

GT opened at $8.24 on Friday. The firm has a market cap of $2.35 billion, a PE ratio of -3.65 and a beta of 1.69. The stock has a 50-day moving average price of $8.37 and a 200-day moving average price of $10.41. The Goodyear Tire & Rubber Company has a 1 year low of $7.27 and a 1 year high of $15.24. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.06 and a quick ratio of 0.54.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.10. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the previous year, the company earned ($0.34) earnings per share. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. Sell-side analysts predict that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on GT shares. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.