Norges Bank Buys Shares of 4,402,933 The Goodyear Tire & Rubber Company (NASDAQ:GT)

Norges Bank bought a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,402,933 shares of the company's stock, valued at approximately $39,626,000. Norges Bank owned about 1.55% of Goodyear Tire & Rubber at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. increased its holdings in Goodyear Tire & Rubber by 10.3% in the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company's stock valued at $86,871,000 after buying an additional 897,463 shares in the last quarter. KLCM Advisors Inc. increased its holdings in Goodyear Tire & Rubber by 59.4% in the fourth quarter. KLCM Advisors Inc. now owns 1,770,430 shares of the company's stock valued at $15,934,000 after buying an additional 659,635 shares in the last quarter. Barclays PLC increased its holdings in Goodyear Tire & Rubber by 158.6% in the third quarter. Barclays PLC now owns 975,634 shares of the company's stock valued at $8,635,000 after buying an additional 598,330 shares in the last quarter. Cibc World Market Inc. increased its holdings in Goodyear Tire & Rubber by 72.1% in the fourth quarter. Cibc World Market Inc. now owns 1,408,001 shares of the company's stock valued at $12,672,000 after buying an additional 589,782 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Goodyear Tire & Rubber by 8.3% in the fourth quarter. Victory Capital Management Inc. now owns 5,147,744 shares of the company's stock valued at $46,330,000 after buying an additional 396,230 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Price Performance

GT traded down $0.41 on Thursday, reaching $9.33. 1,517,409 shares of the company's stock were exchanged, compared to its average volume of 6,072,245. The stock has a market cap of $2.66 billion, a PE ratio of 38.88 and a beta of 1.49. The Goodyear Tire & Rubber Company has a twelve month low of $7.27 and a twelve month high of $13.26. The stock's fifty day moving average price is $9.20 and its 200-day moving average price is $9.13. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.10. The firm had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.91 billion. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. Sell-side analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GT. Argus upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $12.00 target price on the stock in a research report on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 target price on the stock in a research report on Monday, March 31st. StockNews.com upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Finally, TD Cowen began coverage on shares of Goodyear Tire & Rubber in a research report on Friday, March 7th. They issued a "buy" rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $13.78.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.