83,000 Shares in The Goodyear Tire & Rubber Company $GT Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 83,000 shares of the company’s stock, valued at approximately $550,000.

Several other hedge funds and other institutional investors have also made changes to their positions in GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock worth $1,567,000 after buying an additional 7,453 shares during the period. United Services Automobile Association acquired a new position in Goodyear Tire & Rubber during the 1st quarter worth approximately $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Goodyear Tire & Rubber by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock worth $6,074,000 after acquiring an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Goodyear Tire & Rubber by 6.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Goodyear Tire & Rubber by 23.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock valued at $156,000 after purchasing an additional 2,855 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ GT opened at $7.02 on Wednesday. The stock has a market cap of $2.02 billion, a P/E ratio of -0.97 and a beta of 1.12. The Goodyear Tire & Rubber Company has a twelve month low of $5.43 and a twelve month high of $11.79. The stock has a 50 day moving average of $6.26 and a two-hundred day moving average of $7.51. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. The business had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. On average, research analysts forecast that The Goodyear Tire & Rubber Company will post -0.27 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on GT. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen decreased their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Goodyear Tire & Rubber currently has a consensus rating of “Reduce” and a consensus target price of $8.54.

About Goodyear Tire & Rubber

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.