Victory Capital Management Inc. Grows Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Victory Capital Management Inc. increased its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 11.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 118,146 shares of the company’s stock after buying an additional 12,219 shares during the period. Victory Capital Management Inc.’s holdings in Goodyear Tire & Rubber were worth $1,341,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. purchased a new stake in Goodyear Tire & Rubber during the 4th quarter worth $28,000. Family Firm Inc. acquired a new position in Goodyear Tire & Rubber during the 2nd quarter worth $26,000. Jones Financial Companies Lllp acquired a new position in Goodyear Tire & Rubber during the 4th quarter worth $33,000. Mather Group LLC. grew its holdings in Goodyear Tire & Rubber by 4,526.3% during the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after acquiring 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 2nd quarter worth $40,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Up 3.2 %

GT stock opened at $8.37 on Friday. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $15.24. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -3.70 and a beta of 1.70. The firm’s 50-day moving average is $9.39 and its two-hundred day moving average is $11.23. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the firm earned ($0.34) EPS. Goodyear Tire & Rubber’s revenue was down 6.1% on a year-over-year basis. On average, analysts forecast that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Morgan Stanley started coverage on shares of Goodyear Tire & Rubber in a report on Thursday, June 13th. They set an “equal weight” rating and a $14.00 price objective for the company. Finally, StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.23.

Goodyear Tire & Rubber Company Profile

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.