Victory Capital Management Inc. Has $42.05 Million Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Victory Capital Management Inc. boosted its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 3,921.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,751,514 shares of the company’s stock after buying an additional 4,633,368 shares during the quarter. Victory Capital Management Inc. owned approximately 1.67% of Goodyear Tire & Rubber worth $42,051,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of GT. Family Firm Inc. purchased a new position in shares of Goodyear Tire & Rubber during the second quarter worth about $26,000. Mather Group LLC. lifted its position in Goodyear Tire & Rubber by 4,526.3% in the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after buying an additional 2,580 shares during the last quarter. Beach Investment Counsel Inc. PA bought a new stake in Goodyear Tire & Rubber in the 2nd quarter worth approximately $40,000. Sound Income Strategies LLC lifted its position in Goodyear Tire & Rubber by 2,122.5% in the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock worth $35,000 after buying an additional 3,778 shares during the last quarter. Finally, MUFG Securities EMEA plc bought a new stake in Goodyear Tire & Rubber in the 2nd quarter worth approximately $57,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GT has been the subject of a number of recent research reports. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday. Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.23.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $9.27 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.27 and a fifty-two week high of $15.24. The stock has a 50 day moving average price of $8.50 and a two-hundred day moving average price of $10.08. The company has a market capitalization of $2.64 billion, a P/E ratio of -8.91 and a beta of 1.69.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. The company had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. Analysts expect that The Goodyear Tire & Rubber Company will post 1.08 earnings per share for the current year.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.