W.E. Donoghue & Co. LLC acquired a new stake in Goodyear Tire & Rubber Co (NASDAQ:GT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 43,345 shares of the company’s stock, valued at approximately $663,000.
Several other hedge funds have also made changes to their positions in GT. Dimensional Fund Advisors LP boosted its holdings in shares of Goodyear Tire & Rubber by 3.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,952,083 shares of the company’s stock worth $141,894,000 after purchasing an additional 253,943 shares during the last quarter. MML Investors Services LLC acquired a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $209,000. Nordea Investment Management AB lifted its holdings in Goodyear Tire & Rubber by 0.9% in the fourth quarter. Nordea Investment Management AB now owns 154,155 shares of the company’s stock valued at $3,145,000 after acquiring an additional 1,310 shares during the last quarter. FMR LLC lifted its holdings in Goodyear Tire & Rubber by 82.5% in the fourth quarter. FMR LLC now owns 392,239 shares of the company’s stock valued at $8,006,000 after acquiring an additional 177,286 shares during the last quarter. Finally, Norges Bank acquired a new position in Goodyear Tire & Rubber in the fourth quarter valued at approximately $44,517,000. Institutional investors own 84.82% of the company’s stock.
GT has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Citigroup decreased their price objective on Goodyear Tire & Rubber from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday. BidaskClub cut Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Thursday, July 11th. ValuEngine cut Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Thursday, May 9th. Finally, KeyCorp initiated coverage on Goodyear Tire & Rubber in a report on Wednesday, May 22nd. They issued a “sector weight” rating and a $14.93 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. Goodyear Tire & Rubber has an average rating of “Hold” and a consensus target price of $19.46.
GT traded down $0.49 during trading hours on Friday, reaching $12.73. The company’s stock had a trading volume of 3,776,570 shares, compared to its average volume of 3,381,472. Goodyear Tire & Rubber Co has a fifty-two week low of $12.56 and a fifty-two week high of $25.41. The stock has a market cap of $3.19 billion, a PE ratio of 5.49 and a beta of 1.72. The business has a 50-day moving average of $14.81. The company has a current ratio of 1.33, a quick ratio of 0.73 and a debt-to-equity ratio of 1.27.
Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Friday, July 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). The firm had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Goodyear Tire & Rubber had a net margin of 3.02% and a return on equity of 7.66%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 EPS. As a group, sell-side analysts anticipate that Goodyear Tire & Rubber Co will post 1.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date is Wednesday, July 31st. Goodyear Tire & Rubber’s payout ratio is 27.59%.
About Goodyear Tire & Rubber
The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.
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