Assenagon Asset Management S.A. Takes Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Assenagon Asset Management S.A. purchased a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 58,089 shares of the company's stock, valued at approximately $537,000.

Several other hedge funds have also modified their holdings of GT. Brevan Howard Capital Management LP purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter valued at approximately $606,000. Norges Bank purchased a new position in Goodyear Tire & Rubber in the 4th quarter valued at $39,626,000. Capula Management Ltd purchased a new position in Goodyear Tire & Rubber in the 4th quarter valued at $330,000. Truist Financial Corp raised its holdings in shares of Goodyear Tire & Rubber by 5.2% during the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company's stock worth $205,000 after acquiring an additional 1,115 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Goodyear Tire & Rubber by 65.9% during the 4th quarter. Franklin Resources Inc. now owns 224,124 shares of the company's stock worth $2,017,000 after acquiring an additional 88,993 shares during the period. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Down 0.9%

NASDAQ GT traded down $0.09 during mid-day trading on Monday, reaching $10.15. 7,326,246 shares of the company's stock traded hands, compared to its average volume of 5,624,381. The company has a current ratio of 1.22, a quick ratio of 0.64 and a debt-to-equity ratio of 1.44. The company has a fifty day simple moving average of $10.85 and a 200-day simple moving average of $9.76. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $12.58. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 0.29 and a beta of 1.40.

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. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.41 billion. Goodyear Tire & Rubber had a return on equity of 5.31% and a net margin of 1.30%. The business's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 EPS. As a group, equities research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. 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. TD Cowen started coverage on Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a "buy" rating and a $14.00 price objective for the company. JPMorgan Chase & Co. restated an "overweight" rating and set a $17.00 target price (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. BNP Paribas upgraded Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 target price for the company in a research note on Monday, March 31st. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of "Buy" and a consensus price target 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.