Canada Pension Plan Investment Board Invests $78.28 Million in The Goodyear Tire & Rubber Company $GT

Canada Pension Plan Investment Board acquired a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 11,860,260 shares of the company’s stock, valued at approximately $78,278,000. Canada Pension Plan Investment Board owned approximately 4.12% of Goodyear Tire & Rubber at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Focus Partners Wealth acquired a new stake in Goodyear Tire & Rubber during the 3rd quarter worth approximately $25,000. EFG International AG acquired a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at approximately $26,000. Los Angeles Capital Management LLC acquired a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at approximately $26,000. Allworth Financial LP bought a new stake in shares of Goodyear Tire & Rubber during the second quarter worth $33,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Goodyear Tire & Rubber by 656.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock worth $40,000 after acquiring an additional 5,248 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

NASDAQ GT opened at $6.26 on Thursday. The firm’s 50 day moving average is $6.60 and its 200-day moving average is $6.87. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. The company has a market capitalization of $1.80 billion, a PE ratio of -0.71 and a beta of 1.12. The Goodyear Tire & Rubber Company has a 12-month low of $5.43 and a 12-month high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.02. The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The firm’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.17) earnings per share. Equities research analysts anticipate that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GT shares. Citigroup cut their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. JPMorgan Chase & Co. increased their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $8.26.

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.