Advisory Services Network LLC Sells 34,767 Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT)

Advisory Services Network LLC lessened its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 46.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 39,710 shares of the company’s stock after selling 34,767 shares during the period. Advisory Services Network LLC’s holdings in Goodyear Tire & Rubber were worth $357,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GT. Norges Bank bought a new position in Goodyear Tire & Rubber in the 4th quarter valued at $39,626,000. American Century Companies Inc. boosted its holdings in Goodyear Tire & Rubber by 10.3% in the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company’s stock valued at $86,871,000 after acquiring an additional 897,463 shares during the last quarter. KLCM Advisors Inc. increased its position in Goodyear Tire & Rubber by 59.4% in the fourth quarter. KLCM Advisors Inc. now owns 1,770,430 shares of the company’s stock worth $15,934,000 after purchasing an additional 659,635 shares during the period. Barclays PLC raised its holdings in Goodyear Tire & Rubber by 158.6% during the 3rd quarter. Barclays PLC now owns 975,634 shares of the company’s stock worth $8,635,000 after purchasing an additional 598,330 shares during the last quarter. Finally, Cibc World Market Inc. lifted its position in Goodyear Tire & Rubber by 72.1% during the 4th quarter. Cibc World Market Inc. now owns 1,408,001 shares of the company’s stock valued at $12,672,000 after purchasing an additional 589,782 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

GT opened at $9.75 on Friday. The stock has a market cap of $2.78 billion, a P/E ratio of 40.63 and a beta of 1.49. The Goodyear Tire & Rubber Company has a 12 month low of $7.27 and a 12 month high of $13.26. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30. The company has a fifty day simple moving average of $9.32 and a 200 day simple moving average of $9.17.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.10. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The company had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.91 billion. On average, research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on GT. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. TD Cowen began coverage on Goodyear Tire & Rubber in a research note on Friday, March 7th. They issued a “buy” rating and a $14.00 price target on the stock. Argus raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Monday, March 31st. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of “Moderate Buy” and an average price target of $13.78.

Goodyear Tire & Rubber Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.