GABELLI & Co INVESTMENT ADVISERS INC. Takes $349,000 Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 38,800 shares of the company’s stock, valued at approximately $349,000.

A number of other institutional investors also recently bought and sold shares of GT. Norges Bank acquired a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth $39,626,000. American Century Companies Inc. raised its position in Goodyear Tire & Rubber by 10.3% during the 4th quarter. American Century Companies Inc. now owns 9,652,329 shares of the company’s stock worth $86,871,000 after buying an additional 897,463 shares during the last quarter. KLCM Advisors Inc. lifted its stake in shares of Goodyear Tire & Rubber by 59.4% in the 4th quarter. KLCM Advisors Inc. now owns 1,770,430 shares of the company’s stock worth $15,934,000 after acquiring an additional 659,635 shares during the period. Barclays PLC lifted its stake in shares of Goodyear Tire & Rubber by 158.6% in the 3rd quarter. Barclays PLC now owns 975,634 shares of the company’s stock worth $8,635,000 after acquiring an additional 598,330 shares during the period. Finally, Cibc World Market Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 72.1% in the fourth quarter. Cibc World Market Inc. now owns 1,408,001 shares of the company’s stock valued at $12,672,000 after acquiring an additional 589,782 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

GT opened at $9.75 on Wednesday. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $13.26. The stock has a market cap of $2.78 billion, a P/E ratio of 40.63 and a beta of 1.49. The stock’s 50 day simple moving average is $9.26 and its 200 day simple moving average is $9.16. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The business had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.91 billion. As a group, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. TD Cowen began coverage on shares of Goodyear Tire & Rubber in a report on Friday, March 7th. They set a “buy” rating and a $14.00 price target for the company. Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Monday, March 31st. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Finally, Argus upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Goodyear Tire & Rubber currently has an average rating of “Moderate Buy” and an average price target of $13.78.

Goodyear Tire & Rubber Profile

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.