Credit Suisse AG Boosts Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Credit Suisse AG grew its position in The Goodyear Tire & Rubber Company (NASDAQ:GT – Get Rating) by 7.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 319,408 shares of the company’s stock after purchasing an additional 23,180 shares during the quarter. Credit Suisse AG’s holdings in Goodyear Tire & Rubber were worth $3,222,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ancora Advisors LLC lifted its holdings in shares of Goodyear Tire & Rubber by 142.9% in the 1st quarter. Ancora Advisors LLC now owns 1,700 shares of the company’s stock worth $30,000 after buying an additional 1,000 shares during the period. SeaCrest Wealth Management LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth $27,000. CoreCap Advisors LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth $34,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 3rd quarter worth $47,000. Finally, Wipfli Financial Advisors LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 3rd quarter worth $52,000. 79.34% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Trading Up 1.1 %

Shares of NASDAQ:GT opened at $11.60 on Friday. The business’s 50-day moving average is $11.15 and its 200 day moving average is $11.63. The Goodyear Tire & Rubber Company has a 1 year low of $9.66 and a 1 year high of $15.69. The firm has a market capitalization of $3.28 billion, a P/E ratio of 16.57 and a beta of 1.81. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.21 and a quick ratio of 0.57.

Goodyear Tire & Rubber (NASDAQ:GT – Get Rating) last announced its earnings results on Wednesday, February 8th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.10). Goodyear Tire & Rubber had a net margin of 0.97% and a return on equity of 6.96%. The business had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.16 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The company’s quarterly revenue was up 6.3% on a year-over-year basis. On average, research analysts predict that The Goodyear Tire & Rubber Company will post 1.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on GT. BNP Paribas cut Goodyear Tire & Rubber from a “neutral” rating to an “underperform” rating in a research note on Monday, January 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on Goodyear Tire & Rubber from $11.00 to $9.00 and set a “hold” rating for the company in a research note on Friday, February 10th. Finally, Argus cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, November 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of “Hold” and a consensus price target of $12.43.

About Goodyear Tire & Rubber

(Get Rating)

Goodyear Tire & Rubber Co engages in the development, manufacture, 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.