1,838,636 Shares in The Goodyear Tire & Rubber Company $GT Acquired by Invenomic Capital Management LP

Invenomic Capital Management LP acquired a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,838,636 shares of the company’s stock, valued at approximately $13,753,000. Invenomic Capital Management LP owned approximately 0.64% of Goodyear Tire & Rubber at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GT. CenterBook Partners LP lifted its holdings in shares of Goodyear Tire & Rubber by 166.1% during the third quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock valued at $15,265,000 after purchasing an additional 1,273,883 shares in the last quarter. Anderson Financial Strategies LLC bought a new stake in Goodyear Tire & Rubber in the 3rd quarter worth about $1,318,000. EVR Research LP purchased a new position in Goodyear Tire & Rubber in the 2nd quarter worth about $10,370,000. Allianz Asset Management GmbH raised its position in Goodyear Tire & Rubber by 76.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock worth $8,490,000 after buying an additional 491,210 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Goodyear Tire & Rubber by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,041,518 shares of the company’s stock valued at $21,171,000 after acquiring an additional 247,609 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on GT shares. Morgan Stanley raised their price target on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an “underweight” rating in a report on Friday, November 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a report on Monday, December 29th. Citigroup raised their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Finally, Zacks Research downgraded shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.30.

Goodyear Tire & Rubber Stock Down 4.1%

GT opened at $6.78 on Monday. The firm’s 50 day simple moving average is $8.93 and its two-hundred day simple moving average is $8.35. The company has a market capitalization of $1.94 billion, a PE ratio of -1.13, a PEG ratio of 0.29 and a beta of 1.12. The Goodyear Tire & Rubber Company has a 1-year low of $6.51 and a 1-year high of $12.03. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.57.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Monday, February 9th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.The company had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the prior year, the business posted $0.39 earnings per share. Goodyear Tire & Rubber’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.