The Goodyear Tire & Rubber Company (NASDAQ:GT) Shares Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. grew its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1,011.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 634,077 shares of the company’s stock after acquiring an additional 577,045 shares during the quarter. Edgestream Partners L.P. owned 0.22% of Goodyear Tire & Rubber worth $7,197,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GT. Vanguard Group Inc. raised its stake in shares of Goodyear Tire & Rubber by 2.6% in the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after purchasing an additional 765,529 shares during the last quarter. Wellington Management Group LLP lifted its stake in Goodyear Tire & Rubber by 48.2% during the 4th quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock valued at $214,499,000 after acquiring an additional 4,870,381 shares during the period. American Century Companies Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 16.2% in the 2nd quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock valued at $82,376,000 after acquiring an additional 1,013,550 shares during the last quarter. Norges Bank purchased a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at $66,842,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Goodyear Tire & Rubber by 9.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,180,322 shares of the company’s stock worth $59,862,000 after acquiring an additional 353,758 shares during the period. 84.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GT shares. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Morgan Stanley assumed coverage on Goodyear Tire & Rubber in a research report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $7.91 on Tuesday. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -3.50 and a beta of 1.70. The stock has a 50-day moving average of $9.50 and a 200 day moving average of $11.28. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The Goodyear Tire & Rubber Company has a twelve month low of $7.27 and a twelve month high of $15.24.

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

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.