The Goodyear Tire & Rubber Company (NASDAQ:GT) Position Increased by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 7.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,866 shares of the company’s stock after purchasing an additional 2,245 shares during the period. State of Alaska Department of Revenue’s holdings in Goodyear Tire & Rubber were worth $290,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Covestor Ltd lifted its holdings in shares of Goodyear Tire & Rubber by 33.6% in the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after purchasing an additional 1,284 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in Goodyear Tire & Rubber by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock valued at $2,833,000 after acquiring an additional 1,475 shares in the last quarter. Arizona State Retirement System raised its stake in Goodyear Tire & Rubber by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock valued at $903,000 after acquiring an additional 1,621 shares in the last quarter. Innealta Capital LLC raised its stake in Goodyear Tire & Rubber by 12.2% during the 1st quarter. Innealta Capital LLC now owns 15,261 shares of the company’s stock valued at $210,000 after acquiring an additional 1,654 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in Goodyear Tire & Rubber by 5.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 36,041 shares of the company’s stock valued at $495,000 after acquiring an additional 1,925 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Up 1.6 %

Shares of GT stock opened at $9.99 on Friday. The Goodyear Tire & Rubber Company has a 1 year low of $7.27 and a 1 year high of $15.24. The stock has a market cap of $2.85 billion, a PE ratio of -9.61 and a beta of 1.69. The business’s fifty day moving average is $8.38 and its 200-day moving average is $10.16. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.54 and a current ratio of 1.14.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The company had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.96 billion. During the same period last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. Equities analysts expect that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on GT shares. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Tuesday, November 5th. Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.