Bank of America Corp DE Purchases 591,839 Shares of The Goodyear Tire & Rubber Company $GT

Bank of America Corp DE lifted its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 54.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,669,177 shares of the company's stock after buying an additional 591,839 shares during the period. Bank of America Corp DE owned about 0.58% of Goodyear Tire & Rubber worth $11,067,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP lifted its stake in Goodyear Tire & Rubber by 6.3% in the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company's stock valued at $245,699,000 after acquiring an additional 1,666,394 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Goodyear Tire & Rubber by 8.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company's stock worth $109,778,000 after acquiring an additional 1,352,085 shares in the last quarter. State Street Corp grew its stake in shares of Goodyear Tire & Rubber by 0.4% during the 4th quarter. State Street Corp now owns 10,450,140 shares of the company's stock worth $91,543,000 after acquiring an additional 36,786 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Goodyear Tire & Rubber by 151.8% in the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company's stock valued at $85,540,000 after purchasing an additional 5,886,935 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Goodyear Tire & Rubber by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 7,245,230 shares of the company's stock valued at $63,479,000 after purchasing an additional 449,911 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GT. Citigroup decreased their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, May 8th. Weiss Ratings reissued a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Zacks Research upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Wall Street Zen raised Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of "Hold" and a consensus target price of $8.26.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $5.97 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 $1.72 billion, a PE ratio of -0.68 and a beta of 1.12. The firm has a 50-day moving average of $6.61 and a 200-day moving average of $6.97. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.02. The firm had revenue of $4.25 billion for the quarter, compared to analysts' expectations of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The company's quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.17) EPS. On average, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

About Goodyear Tire & Rubber

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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