EMC Capital Management Purchases 2,714 Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT)

EMC Capital Management lifted its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 28.3% in the 1st quarter, Holdings Channel reports. The fund owned 12,291 shares of the company’s stock after buying an additional 2,714 shares during the quarter. EMC Capital Management’s holdings in Goodyear Tire & Rubber were worth $169,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new position in Goodyear Tire & Rubber in the 4th quarter worth about $28,000. Jones Financial Companies Lllp bought a new position in Goodyear Tire & Rubber in the 4th quarter worth about $33,000. Kapitalo Investimentos Ltda bought a new position in Goodyear Tire & Rubber in the 4th quarter worth about $72,000. Covestor Ltd boosted its stake in Goodyear Tire & Rubber by 33.6% in the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after purchasing an additional 1,284 shares during the period. Finally, EntryPoint Capital LLC boosted its stake in Goodyear Tire & Rubber by 169.5% in the 1st quarter. EntryPoint Capital LLC now owns 8,609 shares of the company’s stock worth $118,000 after purchasing an additional 5,415 shares during the period. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ GT traded down $0.59 during trading hours on Friday, reaching $9.25. 12,741,766 shares of the stock traded hands, compared to its average volume of 3,556,531. The company has a market capitalization of $2.63 billion, a P/E ratio of -4.35 and a beta of 1.74. The company has a quick ratio of 0.60, a current ratio of 1.15 and a debt-to-equity ratio of 1.56. The Goodyear Tire & Rubber Company has a 52-week low of $9.01 and a 52-week high of $15.24. The company’s 50-day simple moving average is $11.67 and its two-hundred day simple moving average is $12.42.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 6.53% and a negative net margin of 1.82%. Goodyear Tire & Rubber’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.34) EPS. Equities research analysts forecast that The Goodyear Tire & Rubber Company will post 1.2 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on GT shares. Morgan Stanley started 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. HSBC lowered their price target on Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Thursday, May 16th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.