Stoneridge Investment Partners LLC raised its stake in The Goodyear Tire & Rubber Co. (NASDAQ:GT) by 152.3% during the second quarter, Holdings Channel reports. The fund owned 139,861 shares of the company’s stock after buying an additional 84,436 shares during the period. Stoneridge Investment Partners LLC’s holdings in The Goodyear Tire & Rubber Co. were worth $3,589,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GT. Acrospire Investment Management LLC purchased a new position in The Goodyear Tire & Rubber Co. during the first quarter valued at about $106,000. Daiwa Securities Group Inc. increased its position in The Goodyear Tire & Rubber Co. by 9.3% in the second quarter. Daiwa Securities Group Inc. now owns 6,450 shares of the company’s stock valued at $166,000 after buying an additional 550 shares in the last quarter. Bayesian Capital Management LP purchased a new position in The Goodyear Tire & Rubber Co. during the first quarter valued at about $200,000. Telemus Capital LLC purchased a new position in The Goodyear Tire & Rubber Co. during the second quarter valued at about $207,000. Finally, NEXT Financial Group Inc increased its position in The Goodyear Tire & Rubber Co. by 5.2% in the second quarter. NEXT Financial Group Inc now owns 10,109 shares of the company’s stock valued at $259,000 after buying an additional 502 shares in the last quarter. 93.03% of the stock is currently owned by institutional investors and hedge funds.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) traded down 0.96% during mid-day trading on Tuesday, hitting $31.91. 3,436,225 shares of the company were exchanged. The company has a market capitalization of $8.37 billion, a P/E ratio of 31.38 and a beta of 1.83. The Goodyear Tire & Rubber Co. has a 12-month low of $24.31 and a 12-month high of $35.30. The company’s 50-day moving average is $29.67 and its 200 day moving average is $29.17.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) last released its earnings results on Wednesday, July 27th. The company reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.13. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.93 billion. The Goodyear Tire & Rubber Co. had a net margin of 1.75% and a return on equity of 24.06%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. Analysts expect that The Goodyear Tire & Rubber Co. will post $4.08 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%. This is a boost from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, October 28th. The Goodyear Tire & Rubber Co.’s payout ratio is presently 28.00%.

Several analysts have commented on the stock. Zacks Investment Research upgraded shares of The Goodyear Tire & Rubber Co. from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Wednesday, July 13th. Credit Agricole SA upped their target price on shares of The Goodyear Tire & Rubber Co. from $34.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday. Vetr upgraded shares of The Goodyear Tire & Rubber Co. from a “buy” rating to a “strong-buy” rating and set a $30.38 target price for the company in a research report on Tuesday, June 14th. Citigroup Inc. upped their target price on shares of The Goodyear Tire & Rubber Co. from $36.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, Deutsche Bank AG upgraded shares of The Goodyear Tire & Rubber Co. from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research report on Tuesday, September 6th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $35.30.

About The Goodyear Tire & Rubber Co.

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company’s business is the development, manufacture, distribution and sale of tires and related products and services across the world. The Company operates in four segments: North America; Europe, Middle East and Africa (EMEA); Latin America, and Asia Pacific.

5 Day Chart for NASDAQ:GT

Want to see what other hedge funds are holding GT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Goodyear Tire & Rubber Co. (NASDAQ:GT).

Receive News & Ratings for The Goodyear Tire & Rubber Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Goodyear Tire & Rubber Co. and related companies with Analyst Ratings Network's FREE daily email newsletter.