Intech Investment Management LLC bought a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 37,404 shares of the company’s stock, valued at approximately $425,000.
Other hedge funds also recently modified their holdings of the company. Retirement Systems of Alabama boosted its position in Goodyear Tire & Rubber by 0.3% in the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock worth $4,889,000 after purchasing an additional 935 shares during the last quarter. Covestor Ltd boosted its position in Goodyear Tire & Rubber by 33.6% in the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after purchasing an additional 1,284 shares during the last quarter. Texas Permanent School Fund Corp boosted its position in Goodyear Tire & Rubber by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock worth $2,833,000 after purchasing an additional 1,475 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of Goodyear Tire & Rubber by 2.4% in the first quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock valued at $956,000 after buying an additional 1,600 shares during the period. Finally, Arizona State Retirement System raised its stake in shares of Goodyear Tire & Rubber by 2.1% in the second quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock valued at $903,000 after buying an additional 1,621 shares during the period. Hedge funds and other institutional investors own 84.19% of the company’s stock.
Goodyear Tire & Rubber Stock Performance
NASDAQ:GT opened at $8.77 on Friday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $15.24. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -3.88 and a beta of 1.70. The business’s fifty day moving average is $8.89 and its 200 day moving average is $11.05.
Analyst Upgrades and Downgrades
GT has been the topic of several research reports. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Morgan Stanley initiated coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 target price on the stock. Finally, Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.23.
Read Our Latest Research Report on GT
Goodyear Tire & Rubber 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.
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