CenterBook Partners LP Invests $13.41 Million in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Key Points

• CenterBook Partners LP acquired 1,451,632 shares of The Goodyear Tire & Rubber Company, valued at approximately $13,413,000, making it the 21st largest position in their portfolio.
• Goodyear reported a net margin of 1.30% and a year-over-year revenue decline of 6.3%, with an earnings per share of ($0.04) beating expectations.
• Analyst ratings for Goodyear vary, with BNP Paribas upgrading the stock to "outperform" with a target price of $15.00, while others maintain a hold rating.

CenterBook Partners LP acquired a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 1,451,632 shares of the company's stock, valued at approximately $13,413,000. Goodyear Tire & Rubber makes up about 0.9% of CenterBook Partners LP's holdings, making the stock its 21st biggest position. CenterBook Partners LP owned about 0.51% of Goodyear Tire & Rubber as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in shares of Goodyear Tire & Rubber by 1.9% in the 1st quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company's stock valued at $48,489,000 after purchasing an additional 99,933 shares during the last quarter. Northern Trust Corp raised its holdings in Goodyear Tire & Rubber by 17.0% during the 4th quarter. Northern Trust Corp now owns 3,941,378 shares of the company's stock valued at $35,472,000 after buying an additional 573,541 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Goodyear Tire & Rubber by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company's stock worth $35,122,000 after buying an additional 62,499 shares during the last quarter. Invesco Ltd. lifted its position in Goodyear Tire & Rubber by 13.7% in the fourth quarter. Invesco Ltd. now owns 2,261,513 shares of the company's stock worth $20,354,000 after buying an additional 272,771 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. bought a new stake in Goodyear Tire & Rubber in the fourth quarter worth $16,875,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Trading Down 18.5%

Shares of NASDAQ:GT traded down $1.90 during trading on Friday, reaching $8.36. 28,599,940 shares of the company were exchanged, compared to its average volume of 6,155,996. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.22 and a quick ratio of 0.64. The firm has a market capitalization of $2.39 billion, a PE ratio of 5.89, a P/E/G ratio of 0.32 and a beta of 1.37. The business's fifty day simple moving average is $10.77 and its 200-day simple moving average is $10.12. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.31). The firm had revenue of $4.47 billion for the quarter, compared to analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.22%. The business's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 EPS. On average, research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. restated an "overweight" rating and issued a $17.00 price target (down from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. BNP Paribas Exane restated a "neutral" rating and issued a $9.00 price target on shares of Goodyear Tire & Rubber in a research report on Friday. Wall Street Zen downgraded Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Finally, BNP Paribas cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Friday. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.