Seven Eight Capital LP Boosts Stock Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Seven Eight Capital LP boosted its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 65.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,156 shares of the company’s stock after purchasing an additional 36,190 shares during the quarter. Seven Eight Capital LP’s holdings in Goodyear Tire & Rubber were worth $1,035,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of GT. Family Firm Inc. bought a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. purchased a new stake in Goodyear Tire & Rubber during the fourth quarter valued at $28,000. 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 valued at $30,000 after purchasing an additional 2,580 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Goodyear Tire & Rubber in the 4th quarter worth $33,000. Finally, Beach Investment Counsel Inc. PA bought a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth about $40,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Analysts Set New Price Targets

GT has been the subject of a number of analyst reports. Morgan Stanley began coverage on shares of Goodyear Tire & Rubber in a report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price target for the company. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Wolfe Research cut 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.23.

Goodyear Tire & Rubber Stock Performance

Goodyear Tire & Rubber stock opened at $8.25 on Friday. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $15.24. The company’s 50-day moving average is $9.33 and its 200 day moving average is $11.21. The firm has a market capitalization of $2.35 billion, a P/E ratio of -3.65 and a beta of 1.70. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.06 and a quick ratio of 0.54.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.10. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. Goodyear Tire & Rubber’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company earned ($0.34) EPS. Research analysts forecast that The Goodyear Tire & Rubber Company will post 1.06 EPS for the current year.

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.