Allianz Asset Management GmbH Increases Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Key Points

• Allianz Asset Management GmbH increased its stake in Goodyear Tire & Rubber by 6.7% during the first quarter, owning 896,545 shares worth approximately $8.28 million.
• Goodyear reported a net margin of 1.30% and a revenue of $4.25 billion for the latest quarter, which was below the consensus estimate of $4.41 billion.
• Research analysts have given Goodyear a mixed outlook, with a consensus rating of "Buy" and an average target price of $14.20 for the stock.

Allianz Asset Management GmbH grew its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 6.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 896,545 shares of the company's stock after buying an additional 56,665 shares during the quarter. Allianz Asset Management GmbH owned 0.31% of Goodyear Tire & Rubber worth $8,284,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in 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 worth $48,489,000 after purchasing an additional 99,933 shares during the period. Norges Bank purchased a new stake in Goodyear Tire & Rubber in the 4th quarter worth about $39,626,000. Northern Trust Corp raised its position in Goodyear Tire & Rubber by 17.0% in the 4th quarter. Northern Trust Corp now owns 3,941,378 shares of the company's stock worth $35,472,000 after purchasing an additional 573,541 shares during the period. IPG Investment Advisors LLC raised its position in Goodyear Tire & Rubber by 21.0% in the 4th quarter. IPG Investment Advisors LLC now owns 2,415,215 shares of the company's stock worth $21,737,000 after purchasing an additional 418,855 shares during the period. Finally, Invesco Ltd. raised its position in Goodyear Tire & Rubber by 13.7% in the 4th quarter. Invesco Ltd. now owns 2,261,513 shares of the company's stock worth $20,354,000 after purchasing an additional 272,771 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Price Performance

NASDAQ GT opened at $10.91 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.64 and a current ratio of 1.22. The firm's 50 day moving average price is $10.98 and its 200-day moving average price is $10.07. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $12.26. The company has a market cap of $3.12 billion, a PE ratio of 12.99, a P/E/G ratio of 0.34 and a beta of 1.35.

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

Wall Street Analyst Weigh In

GT has been the topic of a number of research analyst reports. BNP Paribas upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. restated an "overweight" rating and issued a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 target price on the stock in a research note on Monday, March 31st. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, BNP Paribas Exane upgraded shares of Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 target price on the stock in a research note 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $14.20.

Goodyear Tire & Rubber Profile

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.

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