Fifth Third Bancorp Acquires 4,161 Shares of The Goodyear Tire & Rubber Company $GT

Fifth Third Bancorp grew its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 113.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,840 shares of the company’s stock after acquiring an additional 4,161 shares during the quarter. Fifth Third Bancorp’s holdings in Goodyear Tire & Rubber were worth $81,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GT. GAMMA Investing LLC lifted its position in shares of Goodyear Tire & Rubber by 147.5% in the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock worth $26,000 after acquiring an additional 1,674 shares during the period. UMB Bank n.a. lifted its position in shares of Goodyear Tire & Rubber by 125.9% in the 1st 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. Cloud Capital Management LLC bought a new stake in shares of Goodyear Tire & Rubber in the 1st quarter worth approximately $33,000. Farther Finance Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 1,799.1% in the 1st 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. Finally, Parallel Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 72.8% in the 1st quarter. Parallel Advisors LLC now owns 5,822 shares of the company’s stock worth $54,000 after acquiring an additional 2,452 shares during the period. Institutional investors own 84.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GT. BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 8th. Citigroup started coverage on Goodyear Tire & Rubber in a report on Monday, September 8th. They issued a “neutral” rating and a $10.00 target price for the company. Deutsche Bank Aktiengesellschaft dropped their target price on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 11th. HSBC reissued a “hold” rating and issued a $9.50 target price (down from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. Finally, BNP Paribas Exane reissued a “neutral” rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Goodyear Tire & Rubber presently has an average rating of “Moderate Buy” and an average target price of $11.93.

Goodyear Tire & Rubber Trading Up 0.8%

GT stock opened at $7.54 on Thursday. The business has a fifty day moving average price of $8.80 and a 200 day moving average price of $9.90. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.41 and a fifty-two week high of $12.03. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 5.31, a P/E/G ratio of 0.95 and a beta of 1.28. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The business had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.50 billion. During the same period in the prior year, the business earned $0.19 earnings per share. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. Analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

About Goodyear Tire & Rubber

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.