Edgestream Partners L.P. Boosts Stock Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Edgestream Partners L.P. grew its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1,011.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 634,077 shares of the company’s stock after buying an additional 577,045 shares during the quarter. Edgestream Partners L.P.’s holdings in Goodyear Tire & Rubber were worth $7,197,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new stake in Goodyear Tire & Rubber during the 4th quarter valued at about $28,000. Family Firm Inc. purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at approximately $26,000. Jones Financial Companies Lllp acquired a new stake in shares of Goodyear Tire & Rubber in the fourth quarter valued at approximately $33,000. Mather Group LLC. lifted its position in Goodyear Tire & Rubber by 4,526.3% during the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after buying an additional 2,580 shares in the last quarter. Finally, Beach Investment Counsel Inc. PA acquired a new position in Goodyear Tire & Rubber during the second quarter worth $40,000. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $7.91 on Tuesday. The stock has a fifty day simple moving average of $9.50 and a 200-day simple 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 stock has a market cap of $2.25 billion, a PE ratio of -3.50 and a beta of 1.70. 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 announced its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.10. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter last year, the firm posted ($0.34) earnings per share. Goodyear Tire & Rubber’s revenue was down 6.1% compared to the same quarter last year. Equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber in a research report on Thursday, June 13th. They set an “equal weight” rating and a $14.00 price objective for the company. Finally, Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus 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.