Connor Clark & Lunn Investment Management Ltd. Takes Position in The Goodyear Tire & Rubber Company $GT

Key Points

• Connor Clark & Lunn Investment Management acquired 653,730 Goodyear shares worth approximately $4.3 million, representing a 0.23% stake. Institutional investors collectively own 84.19% of the company.
• Analyst sentiment remains mixed, with two Buy, three Hold and two Sell ratings; the average rating is Hold and the average price target is $8.26.
• Goodyear shares opened at $6.15, down 1.8%, while the company reported a quarterly loss of $0.61 per share and $4.25 billion in revenue. Revenue declined 4.8% year over year, and the company posted a negative net margin of 14.37%.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 653,730 shares of the company's stock, valued at approximately $4,315,000. Connor Clark & Lunn Investment Management Ltd. owned 0.23% of Goodyear Tire & Rubber as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of GT. BlackRock Inc. acquired a new position in Goodyear Tire & Rubber in the second quarter valued at $238,776,000. AQR Capital Management LLC grew its holdings in Goodyear Tire & Rubber by 151.8% during the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company's stock worth $85,540,000 after acquiring an additional 5,886,935 shares during the period. Wellington Management Group LLP grew its holdings in Goodyear Tire & Rubber by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company's stock worth $197,333,000 after acquiring an additional 2,796,332 shares during the period. Bridgeway Capital Management LLC bought a new position in shares of Goodyear Tire & Rubber in the 3rd quarter worth about $15,280,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth about $11,378,000. Institutional investors own 84.19% of the company's stock.

Analyst Upgrades and Downgrades

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

Goodyear Tire & Rubber Trading Down 1.8%

GT opened at $6.15 on Friday. The company has a fifty day moving average price of $6.60 and a two-hundred day moving average price of $6.84. The Goodyear Tire & Rubber Company has a 1-year low of $5.43 and a 1-year high of $10.62. The company has a market cap of $1.77 billion, a P/E ratio of -0.70 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.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings data 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 company had revenue of $4.25 billion for the quarter, compared to analysts' expectations of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The business's revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.17) EPS. Analysts predict that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal 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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