Parallel Advisors LLC Grows Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Parallel Advisors LLC boosted its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 72.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,822 shares of the company’s stock after purchasing an additional 2,452 shares during the period. Parallel Advisors LLC’s holdings in Goodyear Tire & Rubber were worth $54,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Allworth Financial LP increased its position in Goodyear Tire & Rubber by 251.8% during the fourth quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock worth $40,000 after buying an additional 3,059 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Goodyear Tire & Rubber during the fourth quarter worth $46,000. Signaturefd LLC increased its position in Goodyear Tire & Rubber by 61.2% during the fourth quarter. Signaturefd LLC now owns 5,259 shares of the company’s stock worth $47,000 after buying an additional 1,997 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Goodyear Tire & Rubber during the fourth quarter worth $54,000. Finally, Transce3nd LLC purchased a new position in Goodyear Tire & Rubber during the fourth quarter worth $61,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GT has been the subject of a number of recent analyst reports. BNP Paribas raised Goodyear Tire & Rubber to a “hold” rating in a research report on Saturday, May 24th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Monday, March 31st. Wall Street Zen downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Saturday, May 10th. Finally, TD Cowen initiated coverage on Goodyear Tire & Rubber in a research report on Friday, March 7th. They issued a “buy” rating and a $14.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock opened at $10.64 on Monday. The Goodyear Tire & Rubber Company has a twelve month low of $7.27 and a twelve month high of $12.58. The stock has a market capitalization of $3.04 billion, a P/E ratio of 44.34 and a beta of 1.40. 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 fifty day moving average price is $10.50 and its 200 day moving average price is $9.73.

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

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.