Geode Capital Management LLC Increases Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Geode Capital Management LLC grew its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.2% in the third quarter, HoldingsChannel.com reports. The firm owned 7,053,829 shares of the company’s stock after buying an additional 86,227 shares during the quarter. Geode Capital Management LLC’s holdings in Goodyear Tire & Rubber were worth $62,438,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in GT. Texas Permanent School Fund Corp raised its holdings in Goodyear Tire & Rubber by 0.6% during the 2nd 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 during the last quarter. Arizona State Retirement System boosted 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 purchasing an additional 1,621 shares during the period. Pin Oak Investment Advisors Inc. grew its stake in shares of Goodyear Tire & Rubber by 6.1% in the third quarter. Pin Oak Investment Advisors Inc. now owns 38,050 shares of the company’s stock worth $336,000 after purchasing an additional 2,195 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in Goodyear Tire & Rubber by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 32,866 shares of the company’s stock valued at $290,000 after purchasing an additional 2,245 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in Goodyear Tire & Rubber by 2.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 114,861 shares of the company’s stock worth $1,304,000 after buying an additional 2,262 shares during the period. Institutional investors own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GT. Wolfe Research cut Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $10.00 target price on shares of Goodyear Tire & Rubber in a research note on Friday. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $13.30.

Goodyear Tire & Rubber Trading Up 0.3 %

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

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

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.