Hsbc Holdings PLC Reduces Stake in The Goodyear Tire & Rubber Company $GT

Hsbc Holdings PLC reduced its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 35.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 175,831 shares of the company’s stock after selling 97,238 shares during the quarter. Hsbc Holdings PLC’s holdings in Goodyear Tire & Rubber were worth $1,540,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Focus Partners Wealth bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at approximately $25,000. EFG International AG bought a new stake in shares of Goodyear Tire & Rubber in the 4th quarter worth about $26,000. Los Angeles Capital Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth about $26,000. Parallel Advisors LLC boosted its stake in shares of Goodyear Tire & Rubber by 55.5% during the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock worth $62,000 after purchasing an additional 2,538 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in Goodyear Tire & Rubber by 29.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,749 shares of the company’s stock worth $68,000 after purchasing an additional 1,749 shares during the last quarter. 84.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on GT shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen dropped their price objective on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Citigroup reduced their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. Finally, Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of “Reduce” and an average target price of $8.54.

Goodyear Tire & Rubber Stock Up 2.6%

NASDAQ:GT traded up $0.17 during mid-day trading on Friday, reaching $6.81. The company’s stock had a trading volume of 4,718,257 shares, compared to its average volume of 11,709,160. The Goodyear Tire & Rubber Company has a 1 year low of $5.43 and a 1 year high of $11.65. The stock has a fifty day moving average of $6.23 and a 200-day moving average of $7.47. The firm has a market capitalization of $1.96 billion, a PE ratio of -0.94 and a beta of 1.12. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. The business had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.04) EPS. Equities research analysts forecast that The Goodyear Tire & Rubber Company will post -0.24 earnings per share for the current year.

About Goodyear Tire & Rubber

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.