Gamco Investors INC. ET AL Boosts Stake in The Goodyear Tire & Rubber Company $GT

Gamco Investors INC. ET AL boosted its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 59.7% in the 3rd quarter, Holdings Channel reports. The firm owned 329,563 shares of the company’s stock after purchasing an additional 123,163 shares during the period. Gamco Investors INC. ET AL’s holdings in Goodyear Tire & Rubber were worth $2,465,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greenvale Capital LLP purchased a new position in shares of Goodyear Tire & Rubber during the second quarter worth $106,292,000. Marshall Wace LLP raised its holdings in shares of Goodyear Tire & Rubber by 1,107.5% in the 2nd quarter. Marshall Wace LLP now owns 7,825,605 shares of the company’s stock valued at $81,152,000 after buying an additional 7,177,542 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in Goodyear Tire & Rubber during the 3rd quarter worth about $32,301,000. Maple Rock Capital Partners Inc. lifted its stake in Goodyear Tire & Rubber by 215.6% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 5,561,846 shares of the company’s stock worth $57,676,000 after acquiring an additional 3,799,383 shares in the last quarter. Finally, Norges Bank purchased a new position in Goodyear Tire & Rubber during the 2nd quarter valued at about $29,112,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GT. Citigroup lifted their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Morgan Stanley increased their price target on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a research report on Friday, November 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a report on Monday, December 29th. Finally, Zacks Research downgraded shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $10.30.

Goodyear Tire & Rubber Trading Down 1.7%

NASDAQ:GT opened at $7.37 on Tuesday. The Goodyear Tire & Rubber Company has a 12-month low of $6.51 and a 12-month high of $12.03. The firm has a market cap of $2.11 billion, a PE ratio of -1.23, a price-to-earnings-growth ratio of 0.32 and a beta of 1.12. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.57. The stock has a fifty day moving average price of $9.07 and a 200 day moving average price of $8.39.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, February 9th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.06). The company had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.Goodyear Tire & Rubber’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. Sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.