Appian Way Asset Management LP Makes New Investment in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Appian Way Asset Management LP purchased a new position in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 512,800 shares of the company’s stock, valued at approximately $7,343,000. Goodyear Tire & Rubber comprises 1.5% of Appian Way Asset Management LP’s investment portfolio, making the stock its 13th largest holding.

Several other hedge funds also recently made changes to their positions in GT. Wellington Management Group LLP bought a new position in Goodyear Tire & Rubber during the third quarter valued at approximately $125,650,000. Norges Bank bought a new position in Goodyear Tire & Rubber in the fourth quarter worth $66,842,000. Electron Capital Partners LLC purchased a new stake in Goodyear Tire & Rubber in the third quarter worth about $51,031,000. One Fin Capital Management LP purchased a new position in Goodyear Tire & Rubber during the third quarter valued at $15,600,000. Finally, American Century Companies Inc. increased its holdings in shares of Goodyear Tire & Rubber by 24.9% during the third quarter. American Century Companies Inc. now owns 4,774,601 shares of the company’s stock valued at $59,348,000 after acquiring an additional 953,047 shares in the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GT shares. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Thursday, May 16th. HSBC dropped their target price on shares of Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating for the company in a report on Wednesday, May 8th.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT traded up $0.34 during mid-day trading on Wednesday, reaching $11.98. The stock had a trading volume of 2,561,942 shares, compared to its average volume of 3,389,016. The company has a market cap of $3.41 billion, a P/E ratio of -5.33 and a beta of 1.77. The business’s 50 day moving average price is $12.40 and its 200 day moving average price is $13.08. The company has a current ratio of 1.15, a quick ratio of 0.60 and a debt-to-equity ratio of 1.56. The Goodyear Tire & Rubber Company has a 1 year low of $11.26 and a 1 year high of $16.50.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Monday, May 6th. The company reported $0.10 earnings per share for the quarter. Goodyear Tire & Rubber had a negative net margin of 3.28% and a positive return on equity of 3.41%. The firm had revenue of $4.50 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period last year, the firm posted ($0.29) earnings per share. Goodyear Tire & Rubber’s revenue for the quarter was down 8.9% compared to the same quarter last year. Research analysts expect that The Goodyear Tire & Rubber Company will post 1.27 EPS for the current fiscal year.

Goodyear Tire & Rubber Profile

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.