Cibc World Market Inc. Invests $18.68 Million in The Goodyear Tire & Rubber Company $GT

Key Points

• CIBC World Markets acquired 2.83 million Goodyear Tire & Rubber shares worth approximately $18.68 million, giving it a 0.98% stake. Institutional investors collectively own 84.19% of the company.
• Analyst sentiment remains mixed, with ratings spanning from buy to sell; the consensus rating is “Hold” with an average price target of $8.26.
• Goodyear reported a quarterly loss of $0.61 per share, slightly better than expectations, and revenue of $4.25 billion. However, revenue declined 4.8% year over year, while the stock opened at $6.00 near the lower end of its 52-week range.

Cibc World Market Inc. purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,829,748 shares of the company's stock, valued at approximately $18,676,000. Cibc World Market Inc. owned 0.98% of Goodyear Tire & Rubber at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. 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 purchasing an additional 7,453 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Goodyear Tire & Rubber during the 1st quarter worth about $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Goodyear Tire & Rubber by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company's stock worth $6,074,000 after buying an additional 15,064 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock worth $177,000 after buying an additional 1,011 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Goodyear Tire & Rubber by 23.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company's stock valued at $156,000 after buying an additional 2,855 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GT shares. Wall Street Zen raised Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Zacks Research raised Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $8.26.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $6.00 on Tuesday. The firm has a market cap of $1.73 billion, a PE ratio of -0.68 and a beta of 1.12. The firm's fifty day moving average is $6.60 and its 200-day moving average is $6.92. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. The Goodyear Tire & Rubber Company has a 52 week low of $5.43 and a 52 week high of $10.62.

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, beating analysts' consensus estimates of ($0.63) by $0.02. The business had revenue of $4.25 billion during 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%.Goodyear Tire & Rubber's quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.17) earnings per share. Sell-side analysts predict that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current year.

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.

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