Kovitz Investment Group Partners LLC Takes Position in The Goodyear Tire & Rubber Company $GT

Kovitz Investment Group Partners LLC acquired a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 398,453 shares of the company’s stock, valued at approximately $3,682,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. grew its holdings in Goodyear Tire & Rubber by 1.9% during the first quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company’s stock worth $48,489,000 after buying an additional 99,933 shares in the last quarter. Northern Trust Corp grew its holdings in Goodyear Tire & Rubber by 17.0% during the fourth quarter. Northern Trust Corp now owns 3,941,378 shares of the company’s stock worth $35,472,000 after buying an additional 573,541 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Goodyear Tire & Rubber by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company’s stock worth $35,122,000 after buying an additional 62,499 shares in the last quarter. Invesco Ltd. grew its holdings in Goodyear Tire & Rubber by 13.7% during the fourth quarter. Invesco Ltd. now owns 2,261,513 shares of the company’s stock worth $20,354,000 after buying an additional 272,771 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Goodyear Tire & Rubber during the first quarter worth $20,422,000. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Down 0.5%

GT stock opened at $8.49 on Monday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 5.98, a PEG ratio of 0.75 and a beta of 1.37. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.27 and a fifty-two week high of $12.03. The stock has a fifty day moving average of $10.52 and a 200-day moving average of $10.11.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.31). The firm had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%. The firm’s revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. As a group, equities research analysts predict that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. BNP Paribas Exane reiterated a “neutral” rating and set a $9.00 price target on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Wall Street Zen downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.80.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.