Nomura Securities Co., Ltd. has recently announced that it has increased stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 7.71%. After grabbing 10.48 million shares, the institutional investor is now in possession of 0.75 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 3.70% having worth around $168.51 million. Moreover, UBS Securities LLC increased its share by 4.44 million to have a control over 9.47 million shares. And Geode Capital Management LLC raised its holdings to 0.28 million shares by acquiring 5.87 million shares or 2.07% of the stake.
The Goodyear Tire & Rubber Company (GT) concluded trading on 09/13/23 at a closing price of $12.73, with 3.12 million shares of worth about $39.78 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 20.09% during that period and on Wednesday the price saw a gain of about 1.68%. Currently the company’s common shares owned by public are about 285.00M shares, out of which, 282.09M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 9 analysts are covering the GT stock and their offered price forecasts bring an average price target of $14.33. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $17.00 and could fall to a lowest price of $12.00. The stock’s current price level is 9.07% above of average price target set by the analysts, while a rise to estimated low would result in loss of -6.08% for the stock. However, touching the estimated high of $17.00 would mean a gain of 25.12% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 38 times over the past 12 months. They bought 614,263 shares in 19 of the transactions. In 19 selling transactions, insiders dumped 224,919 shares.
iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in The Goodyear Tire & Rubber Company iShares Core S&P Mid Cap ETF is currently holding 9.09 million shares of worth totaling $146.2 million. The company recently came buying 6496.0 shares which brought its stake up to 3.21% of the company’s outstanding shares. Vanguard Total Stock Market ETF sold 10747.0 shares, after which its hold over company’s outstanding shares shrunk to 3.11%, leaving 8.82 million shares with the mutual fund that have a worth of about $141.83 million. Vanguard Small Cap Index Fund, after buying 7.35 million shares, have now control over 2.59% of the stake in the company. It holds 30758.0 shares of worth $118.21 million.
The Goodyear Tire & Rubber Company (NASDAQ: GT) started trading at $12.51, below -$0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 12.74, or with a gain of 1.68%. Stock saw a price change of -3.49% in past 5 days and over the past one month there was a price change of -2.68%. Year-to-date (YTD), GT shares are showing a performance of 25.42% which decreased to -11.23% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $9.66 but also hit the highest price of $16.50 during that period. The average intraday trading volume for The Goodyear Tire & Rubber Company shares is 4.15 million. The stock is currently trading -0.75% below its 20-day simple moving average (SMA20), while that difference is down -8.28% for SMA50 and it goes to 4.67% higher than SMA200.
Nomura Securities Co., Ltd. acquired 10.48 million shares of The Goodyear Tire & Rubber Company having value of about $168.51 million. Data submitted at the U.S SEC by Nomura Securities Co., Ltd. revealed that the firm now holds 0.75 million shares in the company valued at close to $9544432.07, or have control over 7.71% stake in the company. The Goodyear Tire & Rubber Company (NASDAQ: GT) currently have 285.00M outstanding shares and institutions hold larger chunk of about 82.20% of that. Holding of mutual funds in the company is about 39.91% while other institutional holders and individual stake holders have control over 42.09% and 1.24% of the stake respectively.
The stock has a current market capitalization of $3.61B and its 3Y-monthly beta is at 1.81. It has posted earnings per share of -$1.30 in the same period. It has Quick Ratio of 0.60 while making debt-to-equity ratio of 1.73. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GT, volatility over the week remained 3.90% while standing at 2.90% over the month.
Analysts are in expectations that The Goodyear Tire & Rubber Company (GT) stock would likely to be making an EPS of $0.19 in the current quarter, while forecast for next quarter EPS is $0.42 and it is $1.33 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.05 which is $0.47 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.4 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -75.60% while it is estimated to increase by 1050.00% in next year. EPS is likely to grow at an annualized rate of 3.56% for next 5-years, compared to annual growth of -22.60% made by the stock over the past 5-years.
Analysts at 9 brokerage firms have issued recommendations for the The Goodyear Tire & Rubber Company (GT)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.40. Out of those 9 Wall Street analysts, 3 recommended a “Buy” rating, while 6 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Nomura on May 17, 2023 offering a Neutral rating for the stock and assigned a target price of $17 to it.