177,531 Shares in The Goodyear Tire & Rubber Company (NASDAQ:GT) Bought by Profit Investment Management LLC

Profit Investment Management LLC acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 177,531 shares of the company’s stock, valued at approximately $2,438,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter worth $28,000. Jones Financial Companies Lllp bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter worth $33,000. Headinvest LLC bought a new position in shares of Goodyear Tire & Rubber in the third quarter worth $34,000. Kapitalo Investimentos Ltda bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter worth $72,000. Finally, Forum Financial Management LP bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter worth $149,000. 84.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GT. HSBC decreased their price target on Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Morgan Stanley began coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price target for the company. Finally, StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Thursday, May 16th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock traded up $0.07 during trading on Friday, hitting $11.28. The stock had a trading volume of 4,259,927 shares, compared to its average volume of 1,702,315. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.15 and a quick ratio of 0.60. The firm has a market cap of $3.21 billion, a P/E ratio of -4.99 and a beta of 1.77. The business has a fifty day moving average of $12.16 and a two-hundred day moving average of $12.94. The Goodyear Tire & Rubber Company has a fifty-two week low of $11.07 and a fifty-two week high of $16.50.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.10 earnings per share for the quarter. The business had revenue of $4.50 billion during the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 3.41% and a negative net margin of 3.28%. The company’s revenue was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.29) earnings per share. On average, sell-side analysts expect that The Goodyear Tire & Rubber Company will post 1.27 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.