Proficio Capital Partners LLC Purchases New Shares in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Proficio Capital Partners LLC acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the fourth quarter, HoldingsChannel reports. The fund acquired 23,634 shares of the company’s stock, valued at approximately $213,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Allworth Financial LP raised its position in shares of Goodyear Tire & Rubber by 251.8% during the fourth quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock worth $40,000 after acquiring an additional 3,059 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Goodyear Tire & Rubber in the third quarter worth about $45,000. Newbridge Financial Services Group Inc. acquired a new stake in Goodyear Tire & Rubber in the fourth quarter worth about $54,000. Private Trust Co. NA raised its holdings in Goodyear Tire & Rubber by 110.4% during the 3rd quarter. Private Trust Co. NA now owns 7,050 shares of the company’s stock worth $62,000 after purchasing an additional 3,700 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Goodyear Tire & Rubber during the 4th quarter valued at about $79,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Down 4.5 %

Shares of NASDAQ GT opened at $9.11 on Friday. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $13.86. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The stock has a market cap of $2.60 billion, a P/E ratio of 37.96 and a beta of 1.71. The firm has a 50 day moving average price of $9.20 and a 200 day moving average price of $9.03.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.91 billion. Analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Argus raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Tuesday, February 18th. TD Cowen began coverage on shares of Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a “buy” rating and a $14.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a research report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.18.

Goodyear Tire & Rubber 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.