Bank of New York Mellon Corp Acquires Shares of 1,724,011 The Goodyear Tire & Rubber Company $GT

Key Points

• Bank of New York Mellon acquired 1.72 million Goodyear shares worth approximately $11.4 million, representing about 0.60% of the company. Institutional investors collectively own 84.19% of Goodyear.
• Goodyear shares recently traded at $5.99, down 4.5%, near the lower end of their 12-month range of $5.43 to $10.62. The company reported a quarterly loss of $0.61 per share, though revenue of $4.25 billion exceeded analyst expectations.
• Analyst sentiment remains mixed but averages a “Hold” rating, with a consensus price target of $8.26; ratings range from “Sell” to “Overweight.”

Bank of New York Mellon Corp purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,724,011 shares of the company's stock, valued at approximately $11,378,000. Bank of New York Mellon Corp owned approximately 0.60% of Goodyear Tire & Rubber as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Focus Partners Wealth bought a new stake in shares of Goodyear Tire & Rubber during the third quarter worth $25,000. EFG International AG acquired a new position in Goodyear Tire & Rubber during the 4th quarter valued at about $26,000. Los Angeles Capital Management LLC acquired a new position in Goodyear Tire & Rubber during the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its stake in shares of Goodyear Tire & Rubber by 656.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company's stock valued at $40,000 after purchasing an additional 5,248 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Goodyear Tire & Rubber by 55.5% in the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company's stock valued at $62,000 after purchasing an additional 2,538 shares during the last quarter. Institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Trading Down 4.5%

GT opened at $5.99 on Wednesday. The stock has a market capitalization of $1.72 billion, a P/E ratio of -0.68 and a beta of 1.12. 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 Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $10.62. The firm's fifty day simple moving average is $6.61 and its 200 day simple moving average is $6.76.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.63) by $0.02. The firm had revenue of $4.25 billion during 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 revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.17) EPS. As a group, research analysts anticipate that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GT has been the topic of a number of analyst reports. Zacks Research raised Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Wall Street Zen upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Citigroup cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Two 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. According to data from MarketBeat, Goodyear Tire & Rubber presently has an average rating of "Hold" and an average price target of $8.26.

Goodyear Tire & Rubber Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source