Bastion Asset Management Inc. Raises Stake in The Goodyear Tire & Rubber Company $GT

Key Points

• Bastion Asset Management increased its Goodyear stake by 72.9% in the fourth quarter, bringing its holdings to 963,938 shares worth about $8.08 million.
• Other institutional investors also adjusted positions, and overall institutional ownership stands at 84.19% of Goodyear’s stock.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating with an average target price of $8.54, while Goodyear’s shares were trading near $5.60 after reporting better-than-expected quarterly EPS and revenue.

Bastion Asset Management Inc. raised its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 72.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 963,938 shares of the company's stock after buying an additional 406,410 shares during the period. Goodyear Tire & Rubber makes up about 4.5% of Bastion Asset Management Inc.'s investment portfolio, making the stock its 7th largest holding. Bastion Asset Management Inc. owned approximately 0.34% of Goodyear Tire & Rubber worth $8,076,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Goodyear Tire & Rubber by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company's stock valued at $1,567,000 after buying an additional 7,453 shares in the last quarter. United Services Automobile Association bought a new position in shares of Goodyear Tire & Rubber in the first quarter valued at $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Goodyear Tire & Rubber by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company's stock valued at $6,074,000 after buying an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock valued at $177,000 after buying an additional 1,011 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Goodyear Tire & Rubber by 23.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company's stock valued at $156,000 after purchasing an additional 2,855 shares during the period. Institutional investors own 84.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GT shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a "sell" rating to a "strong sell" rating in a research note on Sunday. Weiss Ratings reiterated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. TD Cowen decreased their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. Finally, Citigroup decreased their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $8.54.

Goodyear Tire & Rubber Trading Down 0.2%

Shares of NASDAQ:GT opened at $5.60 on Wednesday. The company has a market cap of $1.61 billion, a P/E ratio of -0.77 and a beta of 1.17. The stock's 50-day moving average is $6.68 and its 200-day moving average is $7.99. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $12.03. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The firm's revenue was down 8.7% compared to the same quarter last year. During the same period last year, the business posted ($0.04) earnings per share. Equities research analysts predict that The Goodyear Tire & Rubber Company will post -0.11 earnings per share for the current year.

Goodyear Tire & Rubber 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.

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