Cibc World Market Inc. Buys New Shares in The Goodyear Tire & Rubber Company $GT

Cibc World Market Inc. purchased a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,829,748 shares of the company’s stock, valued at approximately $18,676,000.

A number of other large investors have also recently bought and sold shares of GT. Bastion Asset Management Inc. grew its stake in Goodyear Tire & Rubber by 72.9% during the fourth quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company’s stock worth $8,076,000 after purchasing an additional 406,410 shares during the period. Readystate Asset Management LP boosted its holdings in shares of Goodyear Tire & Rubber by 45.8% during the 1st quarter. Readystate Asset Management LP now owns 2,606,350 shares of the company’s stock worth $17,280,000 after buying an additional 818,588 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Goodyear Tire & Rubber by 144.6% during the 1st quarter. Hsbc Holdings PLC now owns 430,136 shares of the company’s stock worth $2,798,000 after buying an additional 254,305 shares during the period. Quantbot Technologies LP bought a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at $3,136,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Goodyear Tire & Rubber by 8.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock valued at $109,778,000 after acquiring an additional 1,352,085 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

Shares of GT opened at $6.00 on Tuesday. The Goodyear Tire & Rubber Company has a 12-month low of $5.43 and a 12-month high of $10.62. The business’s fifty day moving average is $6.60 and its 200 day moving average is $6.92. 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 stock has a market cap of $1.73 billion, a P/E ratio of -0.68 and a beta of 1.12.

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

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Citigroup reduced their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.26.

Goodyear Tire & Rubber 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.