LM Asset Management Inc. Invests $9.57 Billion in The Goodyear Tire & Rubber Company $GT

LM Asset Management Inc. acquired a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the second quarter, HoldingsChannel.com reports. The firm acquired 1,450,000 shares of the company’s stock, valued at approximately $9,570,000,000. Goodyear Tire & Rubber accounts for 5.9% of LM Asset Management Inc.’s investment portfolio, making the stock its 6th largest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Focus Partners Wealth purchased a new position in Goodyear Tire & Rubber during the third quarter worth about $25,000. EFG International AG purchased a new stake in Goodyear Tire & Rubber in the 4th quarter valued at about $26,000. Los Angeles Capital Management LLC purchased a new stake in Goodyear Tire & Rubber in the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC increased its stake in shares of Goodyear Tire & Rubber by 656.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after acquiring an additional 5,248 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of Goodyear Tire & Rubber by 55.5% during the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock valued at $62,000 after acquiring an additional 2,538 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

Goodyear Tire & Rubber stock opened at $5.84 on Friday. The stock’s 50-day moving average is $6.62 and its 200-day moving average is $6.98. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -0.66 and a beta of 1.12. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same period in the previous year, the company posted ($0.17) EPS. The company’s revenue was down 4.8% compared to the same quarter last year. Equities analysts anticipate that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

GT has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Finally, Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.26.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.