36,178,149 Shares in The Goodyear Tire & Rubber Company $GT Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 36.18 million Goodyear shares worth approximately $238.8 million, giving it a 12.59% stake. Institutional investors collectively own 84.19% of the company.
• Analyst sentiment remains mixed, with an overall “Hold” rating and a consensus price target of $8.26. Price targets range from $7 to $10, including a recent upgrade from JPMorgan to “Overweight.”
• Goodyear shares opened at $6.15, down 1.8%, while the company reported a quarterly loss of $0.61 per share and $4.25 billion in revenue, with revenue declining 4.8% year over year.

BlackRock Inc. purchased a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 36,178,149 shares of the company's stock, valued at approximately $238,776,000. BlackRock Inc. owned 12.59% of Goodyear Tire & Rubber as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Deutsche Bank AG bought a new stake in Goodyear Tire & Rubber during the 2nd quarter worth approximately $2,145,000. Bank of New York Mellon Corp purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth about $11,378,000. GSA Capital Partners LLP bought a new stake in shares of Goodyear Tire & Rubber during the second quarter valued at approximately $610,000. 180 Wealth Advisors LLC boosted its stake in Goodyear Tire & Rubber by 30.2% during the second quarter. 180 Wealth Advisors LLC now owns 33,419 shares of the company's stock valued at $221,000 after buying an additional 7,761 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Goodyear Tire & Rubber by 5.6% during the 1st quarter. Empowered Funds LLC now owns 1,343,234 shares of the company's stock valued at $8,906,000 after acquiring an additional 70,696 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Citigroup reduced their price objective 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, JPMorgan Chase & Co. increased their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $8.26.

Goodyear Tire & Rubber Stock Down 1.8%

Shares of NASDAQ:GT opened at $6.15 on Friday. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $10.62. The stock has a market cap of $1.77 billion, a P/E ratio of -0.70 and a beta of 1.12. The business has a fifty day moving average of $6.60 and a two-hundred day moving average of $6.84. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $4.25 billion for the quarter, compared to analysts' expectations of $4.19 billion. During the same quarter in the previous year, the company posted ($0.17) EPS. The company's revenue was down 4.8% compared to the same quarter last year. On average, research analysts expect that The Goodyear Tire & Rubber Company will post -0.43 earnings per share 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.

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