Connor Clark & Lunn Investment Management Ltd. Invests $545,000 in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 61,599 shares of the company’s stock, valued at approximately $545,000.

Several other hedge funds have also made changes to their positions in the company. Family Firm Inc. acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter worth about $26,000. Mather Group LLC. lifted its position in shares of Goodyear Tire & Rubber by 4,526.3% in the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after purchasing an additional 2,580 shares in the last quarter. Beach Investment Counsel Inc. PA acquired a new stake in shares of Goodyear Tire & Rubber during the second quarter worth approximately $40,000. Sound Income Strategies LLC grew its position in Goodyear Tire & Rubber by 2,122.5% during the third quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock valued at $35,000 after purchasing an additional 3,778 shares in the last quarter. Finally, MUFG Securities EMEA plc acquired a new position in Goodyear Tire & Rubber in the 2nd quarter valued at approximately $57,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Trading Up 1.2 %

NASDAQ:GT opened at $10.74 on Friday. The company has a market capitalization of $3.06 billion, a P/E ratio of -10.20 and a beta of 1.69. The stock’s 50 day moving average price is $8.84 and its 200 day moving average price is $9.92. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. During the same quarter in the prior year, the business posted $0.36 EPS. Goodyear Tire & Rubber’s quarterly revenue was down 6.2% on a year-over-year basis. On average, research analysts forecast that The Goodyear Tire & Rubber Company will post 1.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th.

Goodyear Tire & Rubber 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.