EVR Research LP Trims Stake in The Goodyear Tire & Rubber Company $GT

Key Points

• EVR Research LP cut its Goodyear stake by 30% in Q3, selling 300,000 shares and retaining 700,000 shares (about 0.24% of Goodyear) valued at roughly $5.24 million, making GT 3.1% of EVR’s portfolio and its eighth-largest holding.
• Institutional investors own about 84.19% of Goodyear, while several smaller hedge funds made modest new purchases or increases in Q3, signaling continued institutional interest despite EVR’s trim.
• Goodyear reported EPS of $0.39 (missed by $0.06) and revenue of $4.92B (beat estimates); the stock trades near $7.07 with a $2.03B market cap and a negative P/E, and analysts carry a consensus rating of Hold with a $10.30 target.

EVR Research LP trimmed its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 30.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 700,000 shares of the company's stock after selling 300,000 shares during the period. Goodyear Tire & Rubber comprises 3.1% of EVR Research LP's investment portfolio, making the stock its 8th largest position. EVR Research LP owned 0.24% of Goodyear Tire & Rubber worth $5,236,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GT. Hantz Financial Services Inc. raised its stake in shares of Goodyear Tire & Rubber by 384.8% during the third quarter. Hantz Financial Services Inc. now owns 5,289 shares of the company's stock worth $40,000 after acquiring an additional 4,198 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter valued at $47,000. Bayforest Capital Ltd bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at $65,000. Allworth Financial LP grew its holdings in shares of Goodyear Tire & Rubber by 67.9% during the 2nd quarter. Allworth Financial LP now owns 7,433 shares of the company's stock valued at $77,000 after purchasing an additional 3,007 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new position in Goodyear Tire & Rubber in the 3rd quarter worth $78,000. Institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT opened at $7.07 on Friday. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -1.18, a price-to-earnings-growth ratio of 0.31 and a beta of 1.12. The company has a 50-day moving average price of $8.97 and a 200-day moving average price of $8.36. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.57. The Goodyear Tire & Rubber Company has a 12 month low of $6.51 and a 12 month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its earnings results on Monday, February 9th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.06). The business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.85 billion. Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.The firm's revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Wall Street Analysts Forecast Growth

GT has been the subject of several analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. Morgan Stanley boosted their target price on Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an "underweight" rating in a research note on Friday, November 28th. Zacks Research cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Friday, February 6th. Finally, Citigroup raised their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, February 12th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $10.30.

About Goodyear Tire & Rubber

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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