Clearbridge Investments LLC Purchases 287,051 Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT)

Clearbridge Investments LLC boosted its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 8.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,819,584 shares of the company’s stock after purchasing an additional 287,051 shares during the period. Clearbridge Investments LLC’s holdings in The Goodyear Tire & Rubber were worth $65,506,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of GT. Brandywine Global Investment Management LLC grew its holdings in The Goodyear Tire & Rubber by 11.8% during the second quarter. Brandywine Global Investment Management LLC now owns 937,942 shares of the company’s stock valued at $16,086,000 after purchasing an additional 98,622 shares during the period. LPL Financial LLC raised its position in The Goodyear Tire & Rubber by 2.5% during the second quarter. LPL Financial LLC now owns 177,965 shares of the company’s stock worth $3,052,000 after acquiring an additional 4,369 shares in the last quarter. Stifel Financial Corp raised its position in The Goodyear Tire & Rubber by 57.1% during the second quarter. Stifel Financial Corp now owns 18,648 shares of the company’s stock worth $320,000 after acquiring an additional 6,780 shares in the last quarter. Bridgewater Associates LP increased its holdings in shares of The Goodyear Tire & Rubber by 10.4% in the second quarter. Bridgewater Associates LP now owns 217,434 shares of the company’s stock valued at $3,729,000 after purchasing an additional 20,482 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in shares of The Goodyear Tire & Rubber in the second quarter valued at $1,282,000. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Separately, Morgan Stanley reaffirmed a “hold” rating and set a $16.00 price objective on shares of The Goodyear Tire & Rubber in a research report on Friday, July 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $16.50.

Shares of NASDAQ:GT opened at $18.44 on Thursday. The stock has a market cap of $5.19 billion, a PE ratio of 31.79 and a beta of 2.16. The Goodyear Tire & Rubber Company has a 1-year low of $8.18 and a 1-year high of $20.70. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 1.58. The stock’s fifty day simple moving average is $16.76 and its two-hundred day simple moving average is $17.42.

The Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Thursday, August 5th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.15. The Goodyear Tire & Rubber had a return on equity of 8.80% and a net margin of 0.96%. The company had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter last year, the firm posted ($1.87) EPS. The firm’s revenue for the quarter was up 85.6% on a year-over-year basis. On average, sell-side analysts forecast that The Goodyear Tire & Rubber Company will post 1.15 earnings per share for the current fiscal year.

About The Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufactures, distribution, and sale of tires. Its products include lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment and various other applications.

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Institutional Ownership by Quarter for The Goodyear Tire & Rubber (NASDAQ:GT)

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