Edgestream Partners L.P. Boosts Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Edgestream Partners L.P. lifted its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 1,011.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 634,077 shares of the company's stock after purchasing an additional 577,045 shares during the period. Edgestream Partners L.P. owned about 0.22% of Goodyear Tire & Rubber worth $7,197,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. raised its position in Goodyear Tire & Rubber by 21.7% during the 2nd quarter. Federated Hermes Inc. now owns 221,794 shares of the company's stock worth $2,517,000 after purchasing an additional 39,520 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Goodyear Tire & Rubber by 16.2% in the second quarter. American Century Companies Inc. now owns 7,257,765 shares of the company's stock valued at $82,376,000 after buying an additional 1,013,550 shares during the period. Texas Permanent School Fund Corp raised its position in shares of Goodyear Tire & Rubber by 0.6% during the second quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company's stock worth $2,833,000 after acquiring an additional 1,475 shares during the last quarter. Quest Partners LLC lifted its stake in shares of Goodyear Tire & Rubber by 3,668.4% in the second quarter. Quest Partners LLC now owns 52,532 shares of the company's stock worth $596,000 after acquiring an additional 51,138 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Goodyear Tire & Rubber by 2.1% in the second quarter. Arizona State Retirement System now owns 79,547 shares of the company's stock worth $903,000 after acquiring an additional 1,621 shares during the period. Institutional investors and hedge funds own 84.19% of the company's stock.

Wall Street Analysts Forecast Growth

GT has been the subject of several research analyst reports. StockNews.com lowered Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Tuesday. Morgan Stanley initiated coverage on Goodyear Tire & Rubber in a report on Thursday, June 13th. They issued an "equal weight" rating and a $14.00 target price for the company. Finally, Wolfe Research cut Goodyear Tire & Rubber from an "outperform" rating to a "peer perform" rating in a report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.23.

Goodyear Tire & Rubber Stock Up 1.3 %

NASDAQ GT traded up $0.10 on Tuesday, reaching $8.01. The company had a trading volume of 4,321,682 shares, compared to its average volume of 3,934,651. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41. The company's fifty day moving average is $9.50 and its 200 day moving average is $11.28. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $15.24. The stock has a market capitalization of $2.28 billion, a P/E ratio of -3.54 and a beta of 1.70.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The business's revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) EPS. Sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current fiscal year.

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.