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

LM Asset Management Inc. bought a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,450,000 shares of the company’s stock, valued at approximately $9,570,000. Goodyear Tire & Rubber comprises 0.0% of LM Asset Management Inc.’s investment portfolio, making the stock its 6th largest position. LM Asset Management Inc. owned about 0.50% of Goodyear Tire & Rubber as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GT. Focus Partners Wealth bought a new position in Goodyear Tire & Rubber in the third quarter worth about $25,000. EFG International AG purchased a new position in Goodyear Tire & Rubber in the fourth quarter valued at $26,000. Los Angeles Capital Management LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth $26,000. EverSource Wealth Advisors LLC lifted its holdings 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 in the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Goodyear Tire & Rubber by 55.5% during the fourth quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock valued at $62,000 after purchasing an additional 2,538 shares during the period. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

GT remained flat at $6.15 on Friday. The company’s stock had a trading volume of 2,752,208 shares, compared to its average volume of 8,616,857. The firm’s fifty day moving average price is $6.60 and its 200-day moving average price is $6.84. The Goodyear Tire & Rubber Company has a fifty-two week low of $5.43 and a fifty-two week high of $10.62. 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 stock has a market cap of $1.77 billion, a P/E ratio of -0.70 and a beta of 1.12.

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

Analyst Ratings Changes

A number of research analysts have commented on the company. Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Citigroup cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Profile

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.