Envestnet Asset Management Inc. Acquires Shares of 17,462 The Goodyear Tire & Rubber Company (NASDAQ:GT)

Envestnet Asset Management Inc. bought a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 17,462 shares of the company’s stock, valued at approximately $157,000.

A number of other institutional investors have also modified their holdings of GT. Norges Bank purchased a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth approximately $39,626,000. Truist Financial Corp lifted its stake in shares of Goodyear Tire & Rubber by 5.2% in the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock worth $205,000 after acquiring an additional 1,115 shares during the period. Franklin Resources Inc. increased its stake in shares of Goodyear Tire & Rubber by 65.9% during the fourth quarter. Franklin Resources Inc. now owns 224,124 shares of the company’s stock worth $2,017,000 after acquiring an additional 88,993 shares during the period. Barclays PLC raised its holdings in Goodyear Tire & Rubber by 158.6% during the third quarter. Barclays PLC now owns 975,634 shares of the company’s stock worth $8,635,000 after purchasing an additional 598,330 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Goodyear Tire & Rubber by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company’s stock valued at $33,648,000 after purchasing an additional 205,629 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $10.94 on Friday. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $3.12 billion, a PE ratio of 45.59 and a beta of 1.42. The firm’s 50-day simple moving average is $9.71 and its 200 day simple moving average is $9.41. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $13.26.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.41 billion. During the same period last year, the company posted $0.10 EPS. The company’s revenue was down 6.3% on a year-over-year basis. On average, equities research analysts predict that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on GT. TD Cowen initiated coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They issued a “buy” rating and a $14.00 price target for the company. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Friday, May 2nd. Deutsche Bank Aktiengesellschaft upgraded 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 research report on Monday, March 31st. Finally, Argus upgraded shares of 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. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.25.

Goodyear Tire & Rubber 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.