Rhumbline Advisers Purchases 2,291 Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT)

Rhumbline Advisers increased its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,004,528 shares of the company’s stock after purchasing an additional 2,291 shares during the period. Rhumbline Advisers owned about 0.35% of Goodyear Tire & Rubber worth $11,401,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Johnson Investment Counsel Inc. acquired a new position in Goodyear Tire & Rubber in the fourth quarter worth about $213,000. Forum Financial Management LP bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $149,000. Boston Partners acquired a new stake in Goodyear Tire & Rubber in the 4th quarter valued at $1,042,000. First Eagle Investment Management LLC grew its position in Goodyear Tire & Rubber by 3.6% in the fourth quarter. First Eagle Investment Management LLC now owns 962,908 shares of the company’s stock valued at $13,789,000 after acquiring an additional 33,712 shares during the period. Finally, Norges Bank bought a new stake in Goodyear Tire & Rubber in the fourth quarter valued at $66,842,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Friday, September 6th. Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber in a research report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price target on the stock. Finally, Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Stock Up 0.4 %

Shares of NASDAQ GT opened at $7.66 on Thursday. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -3.39 and a beta of 1.70. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $15.24. The firm’s 50-day simple moving average is $9.69 and its 200 day simple moving average is $11.37.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the prior year, the firm earned ($0.34) earnings per share. Goodyear Tire & Rubber’s revenue was down 6.1% compared to the same quarter last year. On average, research analysts expect that The Goodyear Tire & Rubber Company will post 1.12 earnings per share for the current fiscal year.

About Goodyear Tire & Rubber

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.