The Goodyear Tire & Rubber Company (NASDAQ:GT) Stock Position Decreased by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp significantly reduced its stake in The Goodyear Tire & Rubber Company, cutting its holdings by 96% and now owns 35,267 shares valued at $326,000.
• The Goodyear Tire & Rubber Company reported earnings of ($0.04) per share for the quarter, beating estimates and showing a revenue of $4.25 billion, which was down 6.3% year-over-year.
• Recent analyst actions include a downgrade by Wall Street Zen from a "buy" to a "hold" rating and an upgrade by BNP Paribas from "hold" to "strong-buy", with a current consensus target price of $14.20.

Alberta Investment Management Corp cut its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 96.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,267 shares of the company's stock after selling 847,035 shares during the period. Alberta Investment Management Corp's holdings in Goodyear Tire & Rubber were worth $326,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GT. GAMMA Investing LLC increased its position in Goodyear Tire & Rubber by 147.5% during the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock worth $26,000 after purchasing an additional 1,674 shares in the last quarter. UMB Bank n.a. grew its stake in Goodyear Tire & Rubber by 125.9% during the first quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock worth $29,000 after buying an additional 1,748 shares during the period. Cloud Capital Management LLC purchased a new stake in Goodyear Tire & Rubber during the first quarter worth approximately $33,000. Farther Finance Advisors LLC increased its position in shares of Goodyear Tire & Rubber by 1,799.1% in the first quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock worth $37,000 after acquiring an additional 3,868 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at $46,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Down 1.3%

Shares of GT traded down $0.14 during trading on Wednesday, reaching $9.94. The company's stock had a trading volume of 5,695,973 shares, compared to its average volume of 6,136,818. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 11.83, a P/E/G ratio of 0.31 and a beta of 1.37. The company has a quick ratio of 0.64, a current ratio of 1.22 and a debt-to-equity ratio of 1.44. The company has a fifty day moving average of $10.89 and a two-hundred day moving average of $10.12. The Goodyear Tire & Rubber Company has a twelve month low of $7.27 and a twelve month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.02. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.41 billion. Goodyear Tire & Rubber had a net margin of 1.30% and a return on equity of 5.31%. The firm's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period last year, the business earned $0.10 EPS. On average, sell-side analysts predict that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Analysts Set New Price Targets

GT has been the subject of several recent research reports. JPMorgan Chase & Co. reiterated an "overweight" rating and issued a $17.00 price target (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. BNP Paribas Exane raised Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 target price for the company in a research report on Monday, June 9th. Wall Street Zen downgraded Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. Finally, BNP Paribas upgraded Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of "Buy" and an average price target of $14.20.

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.