Point72 Asset Management L.P. Takes $8.49 Million Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Point72 Asset Management L.P. purchased a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 748,228 shares of the company’s stock, valued at approximately $8,492,000.

Several other institutional investors have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $28,000. Family Firm Inc. acquired a new stake in Goodyear Tire & Rubber during the second quarter worth approximately $26,000. Jones Financial Companies Lllp bought a new position in Goodyear Tire & Rubber during the 4th quarter worth $33,000. Mather Group LLC. raised its holdings in Goodyear Tire & Rubber by 4,526.3% in the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after acquiring an additional 2,580 shares in the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter valued at $40,000. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $8.74 on Wednesday. The Goodyear Tire & Rubber Company has a twelve month low of $7.27 and a twelve month high of $15.24. 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 stock’s 50-day simple moving average is $8.76 and its 200 day simple moving average is $10.98. The firm has a market capitalization of $2.49 billion, a PE ratio of -3.87 and a beta of 1.70.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company posted ($0.34) EPS. On average, analysts anticipate that The Goodyear Tire & Rubber Company will post 1.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Morgan Stanley began 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 target price for the company. Finally, Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Goodyear Tire & Rubber has an average 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.