Point72 Asset Management L.P. Increases Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Point72 Asset Management L.P. grew its position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 37.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,029,677 shares of the company's stock after purchasing an additional 281,449 shares during the period. Point72 Asset Management L.P. owned about 0.36% of Goodyear Tire & Rubber worth $9,113,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. HighTower Advisors LLC bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at about $253,000. Maverick Capital Ltd. acquired a new position in shares of Goodyear Tire & Rubber in the third quarter valued at approximately $257,000. PDT Partners LLC raised its holdings in shares of Goodyear Tire & Rubber by 285.6% during the third quarter. PDT Partners LLC now owns 487,694 shares of the company's stock worth $4,316,000 after acquiring an additional 361,230 shares during the period. Centric Wealth Management bought a new stake in Goodyear Tire & Rubber in the 3rd quarter valued at $101,000. Finally, Pin Oak Investment Advisors Inc. boosted its stake in Goodyear Tire & Rubber by 6.1% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 38,050 shares of the company's stock worth $336,000 after purchasing an additional 2,195 shares during the period. 84.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GT. StockNews.com cut shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Wednesday, November 13th. Wolfe Research downgraded shares of Goodyear Tire & Rubber from an "outperform" rating to a "peer perform" rating in a research report on Thursday, September 5th.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT traded up $0.17 during mid-day trading on Friday, hitting $10.16. 5,470,841 shares of the stock were exchanged, compared to its average volume of 4,460,172. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of -9.77 and a beta of 1.77. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.27 and a fifty-two week high of $15.24. The firm's 50-day simple moving average is $9.11 and its 200 day simple moving average is $9.78. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. The company's quarterly revenue was down 6.2% on a year-over-year basis. As a group, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.09 EPS 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.