KLP Kapitalforvaltning AS Acquires New Shares in The Goodyear Tire & Rubber Company (NASDAQ:GT)

KLP Kapitalforvaltning AS bought a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 53,609 shares of the company's stock, valued at approximately $482,000.

Several other institutional investors and hedge funds have also bought and sold shares of GT. FMR LLC raised its stake in shares of Goodyear Tire & Rubber by 28.1% during the 3rd quarter. FMR LLC now owns 842,822 shares of the company's stock worth $7,459,000 after purchasing an additional 184,770 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Goodyear Tire & Rubber by 8.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,429 shares of the company's stock worth $747,000 after acquiring an additional 6,903 shares in the last quarter. HighTower Advisors LLC acquired a new stake in Goodyear Tire & Rubber in the third quarter valued at $253,000. Point72 Asset Management L.P. grew its position in shares of Goodyear Tire & Rubber by 37.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,029,677 shares of the company's stock valued at $9,113,000 after acquiring an additional 281,449 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth about $173,000. Institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT traded down $0.34 during mid-day trading on Tuesday, reaching $8.48. 8,713,079 shares of the company's stock were exchanged, compared to its average volume of 4,898,958. The Goodyear Tire & Rubber Company has a one year low of $7.27 and a one year high of $13.48. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The business's fifty day simple moving average is $9.17 and its two-hundred day simple moving average is $9.11. The firm has a market capitalization of $2.42 billion, a PE ratio of 35.33 and a beta of 1.49.

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

Analyst Upgrades and Downgrades

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

About Goodyear Tire & Rubber

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.