Geode Capital Management LLC Boosts Stock Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Geode Capital Management LLC lifted its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,053,829 shares of the company’s stock after buying an additional 86,227 shares during the quarter. Geode Capital Management LLC owned about 2.48% of Goodyear Tire & Rubber worth $62,438,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Family Firm Inc. purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter worth about $26,000. Sound Income Strategies LLC lifted its stake in Goodyear Tire & Rubber by 2,122.5% in the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock worth $35,000 after purchasing an additional 3,778 shares in the last quarter. MUFG Securities EMEA plc bought a new position in Goodyear Tire & Rubber in the 2nd quarter valued at $57,000. Private Trust Co. NA grew its position in shares of Goodyear Tire & Rubber by 110.4% during the 3rd quarter. Private Trust Co. NA now owns 7,050 shares of the company’s stock valued at $62,000 after purchasing an additional 3,700 shares in the last quarter. Finally, AM Squared Ltd bought a new position in shares of Goodyear Tire & Rubber in the third quarter worth $92,000. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock opened at $8.62 on Friday. The business’s 50-day moving average price is $9.32 and its 200-day moving average price is $9.63. The firm has a market capitalization of $2.46 billion, a PE ratio of -8.29 and a beta of 1.77. The Goodyear Tire & Rubber Company has a 12 month low of $7.27 and a 12 month high of $14.97. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The firm had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.96 billion. During the same period last year, the firm posted $0.36 earnings per share. The business’s revenue was down 6.2% compared to the same quarter last year. Sell-side analysts forecast that The Goodyear Tire & Rubber Company will post 1.09 EPS for the current fiscal year.

Analysts Set New Price Targets

GT has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Friday. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Finally, StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.30.

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.