Clear Harbor Asset Management LLC Makes New Investment in The Goodyear Tire & Rubber Company $GT

Clear Harbor Asset Management LLC bought a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 11,000 shares of the company’s stock, valued at approximately $114,000.

A number of other large investors also recently modified their holdings of GT. Nisa Investment Advisors LLC grew its position in shares of Goodyear Tire & Rubber by 3.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 28,766 shares of the company’s stock valued at $266,000 after buying an additional 932 shares during the last quarter. John G Ullman & Associates Inc. grew its holdings in shares of Goodyear Tire & Rubber by 9.1% during the first quarter. John G Ullman & Associates Inc. now owns 18,000 shares of the company’s stock valued at $166,000 after purchasing an additional 1,500 shares during the last quarter. SummerHaven Investment Management LLC raised its position in shares of Goodyear Tire & Rubber by 2.3% during the 1st quarter. SummerHaven Investment Management LLC now owns 73,318 shares of the company’s stock worth $677,000 after purchasing an additional 1,621 shares during the period. GAMMA Investing LLC raised its position in shares of Goodyear Tire & Rubber by 147.5% during the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock worth $26,000 after purchasing an additional 1,674 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in shares of Goodyear Tire & Rubber by 29.8% in the 2nd quarter. Parallel Advisors LLC now owns 7,556 shares of the company’s stock worth $78,000 after purchasing an additional 1,734 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GT has been the subject of a number of recent research reports. BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 11th. HSBC reissued a “hold” rating and set a $9.50 target price (down from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday, August 20th. Hsbc Global Res lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. Finally, BNP Paribas Exane reiterated a “neutral” rating and set a $9.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.93.

Goodyear Tire & Rubber Stock Down 1.8%

GT stock opened at $8.24 on Wednesday. The firm’s 50-day moving average is $9.19 and its two-hundred day moving average is $9.97. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 5.80, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The Goodyear Tire & Rubber Company has a 52 week low of $7.80 and a 52 week high of $12.03. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The company had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.50 billion. During the same quarter in the prior year, the business earned $0.19 EPS. Goodyear Tire & Rubber’s revenue was down 2.3% compared to the same quarter last year. On average, analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Company 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.