EVR Research LP Purchases New Position in The Goodyear Tire & Rubber Company $GT

EVR Research LP purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,000,000 shares of the company’s stock, valued at approximately $10,370,000. Goodyear Tire & Rubber comprises about 4.5% of EVR Research LP’s investment portfolio, making the stock its 8th largest position.

Several other institutional investors have also modified their holdings of the stock. Envestnet Asset Management Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 6.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after buying an additional 1,011 shares in the last quarter. State of Michigan Retirement System lifted its position in Goodyear Tire & Rubber by 1.9% in the second quarter. State of Michigan Retirement System now owns 68,726 shares of the company’s stock valued at $713,000 after acquiring an additional 1,300 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in Goodyear Tire & Rubber by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 74,711 shares of the company’s stock valued at $775,000 after acquiring an additional 1,393 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Goodyear Tire & Rubber by 5.3% in the second quarter. Nisa Investment Advisors LLC now owns 30,303 shares of the company’s stock valued at $314,000 after acquiring an additional 1,537 shares in the last quarter. Finally, Inspire Investing LLC grew its holdings in shares of Goodyear Tire & Rubber by 3.6% during the second quarter. Inspire Investing LLC now owns 46,061 shares of the company’s stock worth $478,000 after purchasing an additional 1,582 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday. HSBC reaffirmed a “hold” rating and set a $9.50 price target (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Citigroup reduced their price objective on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Morgan Stanley increased their price objective on Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an “underweight” rating in a report on Friday, November 28th. Finally, Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.85.

Goodyear Tire & Rubber Stock Down 0.2%

GT opened at $8.80 on Friday. The Goodyear Tire & Rubber Company has a 52 week low of $6.51 and a 52 week high of $12.03. The business has a 50 day moving average price of $7.68 and a two-hundred day moving average price of $9.03. The company has a quick ratio of 0.71, a current ratio of 1.27 and a debt-to-equity ratio of 2.29. The company has a market cap of $2.52 billion, a PE ratio of -1.45, a P/E/G ratio of 1.80 and a beta of 1.18.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Monday, November 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 2.97% and a negative net margin of 9.56%.The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the previous year, the company posted $0.37 earnings per share. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Goodyear Tire & Rubber Company 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.