Profit Investment Management LLC Reduces Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Profit Investment Management LLC reduced its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 22.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 232,814 shares of the company’s stock after selling 68,210 shares during the quarter. Goodyear Tire & Rubber accounts for 1.6% of Profit Investment Management LLC’s holdings, making the stock its 27th largest holding. Profit Investment Management LLC’s holdings in Goodyear Tire & Rubber were worth $2,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of GT. Newbridge Financial Services Group Inc. purchased a new position in Goodyear Tire & Rubber during the fourth quarter worth about $28,000. Family Firm Inc. purchased a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth about $26,000. Mather Group LLC. boosted its position in shares of Goodyear Tire & Rubber by 4,526.3% in the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after acquiring an additional 2,580 shares during the last quarter. Beach Investment Counsel Inc. PA purchased a new stake in Goodyear Tire & Rubber in the second quarter valued at approximately $40,000. Finally, MUFG Securities EMEA plc acquired a new position in Goodyear Tire & Rubber during the second quarter worth approximately $57,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Up 2.7 %

GT traded up $0.23 during trading on Friday, hitting $8.88. The company had a trading volume of 719,978 shares, compared to its average volume of 4,080,302. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $15.24. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The business has a 50-day moving average of $8.33 and a 200-day moving average of $10.79.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.34) EPS. On average, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.06 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on GT shares. Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, June 13th. They set an “equal weight” rating and a $14.00 price objective for the company. Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Finally, StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $17.23.

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. 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.