Guggenheim Capital LLC Lowers Stock Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Guggenheim Capital LLC reduced its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 16.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 121,437 shares of the company’s stock after selling 24,372 shares during the quarter. Guggenheim Capital LLC’s holdings in Goodyear Tire & Rubber were worth $1,338,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Ancora Advisors LLC grew its holdings in shares of Goodyear Tire & Rubber by 142.9% during the 1st quarter. Ancora Advisors LLC now owns 1,700 shares of the company’s stock valued at $30,000 after purchasing an additional 1,000 shares during the last quarter. First Manhattan Co. bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter valued at about $31,000. Ameritas Advisory Services LLC purchased a new position in shares of Goodyear Tire & Rubber in the first quarter worth about $36,000. Private Trust Co. NA lifted its stake in shares of Goodyear Tire & Rubber by 346.7% in the 1st quarter. Private Trust Co. NA now owns 3,350 shares of the company’s stock valued at $37,000 after acquiring an additional 2,600 shares during the last quarter. Finally, CoreCap Advisors LLC bought a new position in Goodyear Tire & Rubber during the 4th quarter worth approximately $49,000. 80.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GT. Deutsche Bank Aktiengesellschaft raised their target price on shares of Goodyear Tire & Rubber from $10.00 to $13.00 in a report on Wednesday, May 24th. BNP Paribas raised shares of Goodyear Tire & Rubber from an “underperform” rating to a “neutral” rating and set a $13.00 price objective for the company in a research note on Monday, May 15th. JPMorgan Chase & Co. boosted their price target on Goodyear Tire & Rubber from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, July 20th. Nomura cut Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and set a $17.00 price objective for the company. in a report on Wednesday, May 17th. Finally, StockNews.com started coverage on Goodyear Tire & Rubber in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.60.

Goodyear Tire & Rubber Trading Up 3.6 %

NASDAQ GT opened at $13.37 on Friday. The company has a quick ratio of 0.65, a current ratio of 1.28 and a debt-to-equity ratio of 1.52. The firm has a market capitalization of $3.79 billion, a PE ratio of -10.36 and a beta of 1.77. The stock’s 50 day moving average is $13.99 and its 200 day moving average is $12.61. The Goodyear Tire & Rubber Company has a twelve month low of $9.66 and a twelve month high of $16.50.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.49). Goodyear Tire & Rubber had a negative return on equity of 0.80% and a negative net margin of 1.80%. The business had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.21 billion. During the same quarter last year, the company posted $0.46 EPS. Goodyear Tire & Rubber’s revenue for the quarter was down 6.6% compared to the same quarter last year. Research analysts forecast that The Goodyear Tire & Rubber Company will post -0.03 earnings per share for the current fiscal 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 tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.