Clearbridge Investments LLC Increases Stock Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Clearbridge Investments LLC increased its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 8.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 3,819,584 shares of the company’s stock after acquiring an additional 287,051 shares during the period. Clearbridge Investments LLC owned about 1.36% of The Goodyear Tire & Rubber worth $65,506,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of The Goodyear Tire & Rubber by 25.2% in the 2nd quarter. BlackRock Inc. now owns 35,103,953 shares of the company’s stock valued at $602,034,000 after acquiring an additional 7,076,124 shares during the period. Vanguard Group Inc. lifted its holdings in shares of The Goodyear Tire & Rubber by 21.6% in the 2nd quarter. Vanguard Group Inc. now owns 26,114,960 shares of the company’s stock valued at $447,870,000 after buying an additional 4,639,892 shares during the period. Dimensional Fund Advisors LP raised its holdings in The Goodyear Tire & Rubber by 26.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,781,144 shares of the company’s stock worth $253,495,000 after purchasing an additional 3,127,217 shares during the period. Alliancebernstein L.P. raised its holdings in The Goodyear Tire & Rubber by 23.1% in the 2nd quarter. Alliancebernstein L.P. now owns 11,886,978 shares of the company’s stock worth $203,862,000 after purchasing an additional 2,229,701 shares during the period. Finally, LSV Asset Management raised its holdings in shares of The Goodyear Tire & Rubber by 16.5% during the second quarter. LSV Asset Management now owns 9,948,935 shares of the company’s stock valued at $170,624,000 after acquiring an additional 1,407,912 shares during the last quarter. 80.95% of the stock is owned by institutional investors and hedge funds.

Separately, Morgan Stanley reiterated a “hold” rating and issued a $16.00 price objective on shares of The Goodyear Tire & Rubber in a research report on Friday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, The Goodyear Tire & Rubber currently has an average rating of “Buy” and an average target price of $16.50.

GT stock opened at $18.44 on Thursday. The Goodyear Tire & Rubber Company has a one year low of $8.18 and a one year high of $20.70. The company has a 50 day moving average price of $16.76 and a two-hundred day moving average price of $17.42. The stock has a market capitalization of $5.19 billion, a P/E ratio of 31.79 and a beta of 2.16. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.64 and a current ratio of 1.14.

The Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Thursday, August 5th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.15. The Goodyear Tire & Rubber had a net margin of 0.96% and a return on equity of 8.80%. The firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the prior year, the company earned ($1.87) EPS. The firm’s revenue was up 85.6% on a year-over-year basis. Research analysts forecast that The Goodyear Tire & Rubber Company will post 1.15 earnings per share for the current fiscal year.

The Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufactures, distribution, and sale of tires. Its products include lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment and various other applications.

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Institutional Ownership by Quarter for The Goodyear Tire & Rubber (NASDAQ:GT)

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