Bank of America Corp DE Purchases New Stake in The Goodyear Tire & Rubber Company $GT

Key Points

• Bank of America acquired 2.62 million Goodyear shares in the second quarter, worth approximately $17.3 million and representing 0.91% of the company. Institutional investors and hedge funds collectively own 84.19% of Goodyear.
• Goodyear reported a quarterly loss of $0.61 per share, slightly better than estimates, while revenue reached $4.25 billion but declined 4.8% year over year. The stock opened at $5.07, near its 52-week low of $4.91.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and an average price target of $8.26; JPMorgan raised its target to $10 and maintained an “overweight” rating.

Bank of America Corp DE bought a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,623,111 shares of the company's stock, valued at approximately $17,313,000. Bank of America Corp DE owned 0.91% of Goodyear Tire & Rubber as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Birmingham Capital Management Co. Inc. AL acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $357,000. Magnolia Capital Advisors LLC acquired a new stake in shares of Goodyear Tire & Rubber in the second quarter worth $67,000. Gallagher Fiduciary Advisors LLC purchased a new position in shares of Goodyear Tire & Rubber during the second quarter valued at $163,000. Man Group plc purchased a new position in shares of Goodyear Tire & Rubber during the second quarter valued at $12,415,000. Finally, Jupiter Topco LLC acquired a new position in Goodyear Tire & Rubber during the second quarter valued at $805,000. Institutional investors and hedge funds own 84.19% of the company's stock.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $5.07 on Friday. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -0.57 and a beta of 1.10. The Goodyear Tire & Rubber Company has a 1 year low of $4.91 and a 1 year high of $10.62. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92. The business has a fifty day simple moving average of $6.23 and a 200 day simple moving average of $6.40.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating analysts' consensus estimates of ($0.63) by $0.02. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate 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 business's quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) earnings per share. As a group, sell-side analysts predict that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GT has been the subject of a number of research reports. Zacks Research upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Weiss Ratings reiterated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of "Hold" and an average target price of $8.26.

Goodyear Tire & Rubber Profile

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.

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