Victory Capital Management Inc. Grows Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Victory Capital Management Inc. lifted its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 3,921.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,751,514 shares of the company’s stock after acquiring an additional 4,633,368 shares during the quarter. Victory Capital Management Inc.’s holdings in Goodyear Tire & Rubber were worth $42,051,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Family Firm Inc. bought a new position in Goodyear Tire & Rubber in the second quarter valued at about $26,000. Mather Group LLC. lifted its holdings in Goodyear Tire & Rubber by 4,526.3% in the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after acquiring an additional 2,580 shares during the period. Sound Income Strategies LLC lifted its holdings in Goodyear Tire & Rubber by 2,122.5% in the third quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock valued at $35,000 after acquiring an additional 3,778 shares during the period. Beach Investment Counsel Inc. PA bought a new position in Goodyear Tire & Rubber in the second quarter valued at about $40,000. Finally, MUFG Securities EMEA plc bought a new position in Goodyear Tire & Rubber in the second quarter valued at about $57,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on GT shares. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday. Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.23.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock opened at $9.27 on Friday. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of -8.91 and a beta of 1.69. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. The stock has a 50 day moving average price of $8.50 and a 200-day moving average price of $10.08. The Goodyear Tire & Rubber Company has a one year low of $7.27 and a one year high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The firm had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.96 billion. During the same period last year, the company earned $0.36 EPS. Goodyear Tire & Rubber’s quarterly revenue was down 6.2% compared to the same quarter last year. Equities analysts expect that The Goodyear Tire & Rubber Company will post 1.08 EPS for the current year.

Goodyear Tire & Rubber 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.