Platinum Investment Management Ltd. Takes $260,000 Position in The Goodyear Tire & Rubber Company $GT

Platinum Investment Management Ltd. purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 25,072 shares of the company’s stock, valued at approximately $260,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Chelsea Counsel Co. acquired a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at approximately $1,225,000. SummerHaven Investment Management LLC raised its position in shares of Goodyear Tire & Rubber by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 74,711 shares of the company’s stock valued at $775,000 after buying an additional 1,393 shares in the last quarter. Guardian Investment Management raised its position in shares of Goodyear Tire & Rubber by 5.1% in the second quarter. Guardian Investment Management now owns 41,500 shares of the company’s stock valued at $430,000 after buying an additional 2,000 shares in the last quarter. Signaturefd LLC raised its position in shares of Goodyear Tire & Rubber by 125.6% in the second quarter. Signaturefd LLC now owns 4,508 shares of the company’s stock valued at $47,000 after buying an additional 2,510 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Goodyear Tire & Rubber by 113.1% in the second quarter. Fifth Third Bancorp now owns 7,840 shares of the company’s stock valued at $81,000 after buying an additional 4,161 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on GT. HSBC restated a “hold” rating and set a $9.50 price objective (down from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Citigroup began coverage on shares of Goodyear Tire & Rubber in a research report on Monday, September 8th. They set a “neutral” rating and a $10.00 price objective for the company. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Hsbc Global Res downgraded shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 20th. Finally, BNP Paribas Exane restated 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 given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.93.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $7.54 on Thursday. The firm’s fifty day moving average price is $8.80 and its two-hundred day moving average price is $9.90. The stock has a market cap of $2.16 billion, a PE ratio of 5.31, a PEG ratio of 0.95 and a beta of 1.28. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.41 and a fifty-two week high of $12.03. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15.

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