SG Americas Securities LLC Boosts Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

SG Americas Securities LLC grew its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 573.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 419,609 shares of the company’s stock after acquiring an additional 357,301 shares during the quarter. SG Americas Securities LLC owned about 0.15% of Goodyear Tire & Rubber worth $3,877,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Goodyear Tire & Rubber during the 4th quarter valued at $39,626,000. Maple Rock Capital Partners Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $16,875,000. Atlantic Investment Management Inc. bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth about $11,803,000. American Century Companies Inc. grew its stake in Goodyear Tire & Rubber by 10.3% in the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company’s stock worth $86,871,000 after purchasing an additional 897,463 shares in the last quarter. Finally, Greenvale Capital LLP acquired a new position in Goodyear Tire & Rubber in the fourth quarter worth about $6,750,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JPMorgan Chase & Co. restated an “overweight” rating and set a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Wall Street Zen cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. TD Cowen assumed coverage on Goodyear Tire & Rubber in a research note on Friday, March 7th. They set a “buy” rating and a $14.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Monday, March 31st. Finally, BNP Paribas upgraded Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 9th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $14.20.

Goodyear Tire & Rubber Price Performance

GT opened at $10.94 on Friday. The stock has a fifty day moving average of $10.72 and a 200-day moving average of $9.78. The firm has a market capitalization of $3.13 billion, a P/E ratio of 45.59 and a beta of 1.40. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $12.58. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.41 billion. During the same period last year, the company earned $0.10 earnings per share. Goodyear Tire & Rubber’s quarterly revenue was down 6.3% compared to the same quarter last year. Equities analysts forecast 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.