Franklin Resources Inc. Grows Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Franklin Resources Inc. increased its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 65.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 224,124 shares of the company’s stock after purchasing an additional 88,993 shares during the quarter. Franklin Resources Inc. owned approximately 0.08% of Goodyear Tire & Rubber worth $2,017,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its position in shares of Goodyear Tire & Rubber by 251.8% during the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock worth $40,000 after buying an additional 3,059 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Goodyear Tire & Rubber during the 3rd quarter worth $45,000. Signaturefd LLC lifted its position in Goodyear Tire & Rubber by 61.2% in the fourth quarter. Signaturefd LLC now owns 5,259 shares of the company’s stock valued at $47,000 after acquiring an additional 1,997 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Goodyear Tire & Rubber in the fourth quarter valued at $54,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth about $79,000. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Trading Up 6.7 %

Shares of GT stock opened at $9.67 on Monday. The Goodyear Tire & Rubber Company has a twelve month low of $7.27 and a twelve month high of $13.26. The company has a current ratio of 1.04, a quick ratio of 0.55 and a debt-to-equity ratio of 1.30. The business’s 50 day moving average is $9.23 and its two-hundred day moving average is $9.15. The company has a market capitalization of $2.76 billion, a P/E ratio of 40.29 and a beta of 1.49.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.10. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.91 billion. Equities analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on GT. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Argus upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, February 18th. TD Cowen started coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft raised 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 report on Monday, March 31st. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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.