First Eagle Investment Management LLC Has $11.39 Million Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

First Eagle Investment Management LLC lifted its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,003,549 shares of the company’s stock after buying an additional 9,541 shares during the period. First Eagle Investment Management LLC owned about 0.35% of Goodyear Tire & Rubber worth $11,390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of GT. Retirement Systems of Alabama raised its stake in Goodyear Tire & Rubber by 0.3% during the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock worth $4,889,000 after acquiring an additional 935 shares in the last quarter. Covestor Ltd lifted its holdings in Goodyear Tire & Rubber by 33.6% during the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock valued at $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 valued at $2,833,000 after buying an additional 1,475 shares in the last quarter. State of Michigan Retirement System grew its stake in Goodyear Tire & Rubber by 2.4% during the first quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock worth $956,000 after buying an additional 1,600 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Goodyear Tire & Rubber by 2.1% during the second quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock worth $903,000 after buying an additional 1,621 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $8.37 on Friday. The business’s 50-day simple moving average is $9.39 and its 200 day simple moving average is $11.23. 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 has a market cap of $2.38 billion, a price-to-earnings ratio of -3.70 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.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, topping 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 company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the previous year, the company earned ($0.34) EPS. Goodyear Tire & Rubber’s revenue was down 6.1% on a year-over-year basis. As a group, research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Morgan Stanley began 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 for the company. Finally, StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.23.

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.