1,038,250 Shares in The Goodyear Tire & Rubber Company $GT Acquired by Empowered Funds LLC

Empowered Funds LLC acquired a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 1,038,250 shares of the company’s stock, valued at approximately $6,852,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its position in shares of Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after acquiring an additional 1,011 shares during the last quarter. Pin Oak Investment Advisors Inc. boosted its stake in shares of Goodyear Tire & Rubber by 1.4% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock valued at $657,000 after purchasing an additional 1,065 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Goodyear Tire & Rubber by 11.5% during the 4th quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company’s stock worth $98,000 after buying an additional 1,152 shares during the period. Cetera Investment Advisers raised its stake in shares of Goodyear Tire & Rubber by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock worth $1,153,000 after buying an additional 1,282 shares during the last quarter. Finally, Advisory Services Network LLC raised its stake in shares of Goodyear Tire & Rubber by 2.8% during the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock worth $496,000 after buying an additional 1,529 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT opened at $6.35 on Monday. The Goodyear Tire & Rubber Company has a twelve month low of $5.43 and a twelve month high of $10.62. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -0.72 and a beta of 1.12. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. The company’s fifty day moving average is $6.60 and its 200-day moving average is $6.81.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The firm’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.17) EPS. Equities research analysts predict that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Analyst Upgrades and Downgrades

GT has been the topic of several analyst reports. Citigroup cut their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. raised their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.26.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.