The Goodyear Tire & Rubber Company (NASDAQ:GT) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 660,560 shares of the company’s stock after buying an additional 6,296 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Goodyear Tire & Rubber worth $6,104,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GT. GAMMA Investing LLC raised its holdings in shares of Goodyear Tire & Rubber by 147.5% during the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock valued at $26,000 after acquiring an additional 1,674 shares during the last quarter. UMB Bank n.a. grew its position in Goodyear Tire & Rubber by 125.9% in the first quarter. UMB Bank n.a. now owns 3,136 shares of the company’s stock worth $29,000 after acquiring an additional 1,748 shares during the period. Farther Finance Advisors LLC grew its position in Goodyear Tire & Rubber by 1,799.1% in the first quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company’s stock worth $37,000 after acquiring an additional 3,868 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Goodyear Tire & Rubber in the fourth quarter worth approximately $46,000. Finally, Signaturefd LLC grew 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 worth $47,000 after acquiring an additional 1,997 shares during the period. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $10.81 on Thursday. The business’s 50 day moving average is $10.97 and its two-hundred day moving average is $9.95. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 0.34 and a beta of 1.35. The company has a current ratio of 1.22, a quick ratio of 0.64 and a debt-to-equity ratio of 1.44. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $12.58.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. Goodyear Tire & Rubber had a return on equity of 5.31% and a net margin of 1.30%. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.41 billion. During the same quarter in the previous year, the company earned $0.10 EPS. The company’s quarterly revenue was down 6.3% on a year-over-year basis. Research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wall Street Zen cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. BNP Paribas Exane upgraded Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 price objective on the stock in a research note on Monday, June 9th. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Monday, March 31st. BNP Paribas upgraded Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $14.20.

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.