Creative Planning Raises Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Creative Planning boosted its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 10.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,973 shares of the company’s stock after buying an additional 6,982 shares during the period. Creative Planning’s holdings in Goodyear Tire & Rubber were worth $806,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Tidal Investments LLC boosted its position in Goodyear Tire & Rubber by 41.6% during the first quarter. Tidal Investments LLC now owns 63,967 shares of the company’s stock worth $878,000 after acquiring an additional 18,790 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Goodyear Tire & Rubber by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 2,715,149 shares of the company’s stock valued at $30,817,000 after purchasing an additional 71,410 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of Goodyear Tire & Rubber by 2,944.7% in the first quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock valued at $21,600,000 after purchasing an additional 1,611,966 shares during the last quarter. Edgestream Partners L.P. lifted its position in Goodyear Tire & Rubber by 1,011.8% during the second quarter. Edgestream Partners L.P. now owns 634,077 shares of the company’s stock worth $7,197,000 after buying an additional 577,045 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in Goodyear Tire & Rubber by 132.2% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 224,158 shares of the company’s stock worth $3,077,000 after buying an additional 127,610 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Down 0.8 %

Shares of NASDAQ:GT opened at $8.58 on Friday. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -6.98 and a beta of 1.69. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $15.24. The business has a 50-day moving average price of $8.31 and a 200 day moving average price of $10.76. 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The business’s revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.34) EPS. Sell-side analysts expect that The Goodyear Tire & Rubber Company will post 1.06 EPS for the current year.

Wall Street Analysts Forecast Growth

GT has been the topic of several analyst reports. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.23.

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.