Hotchkis & Wiley Capital Management LLC Reduces Stock Holdings in The Goodyear Tire & Rubber Company $GT

Key Points

• Hotchkis & Wiley Capital Management LLC decreased its holdings in The Goodyear Tire & Rubber Company by selling 49,720 shares, bringing its total ownership to approximately 947,160 shares worth about $8.75 million.
• Several hedge funds, including GAMMA Investing LLC and Farther Finance Advisors LLC, have notably increased their positions in Goodyear, with some reporting growth of over 147%.
• Analysts have downgraded Goodyear's stock ratings, with HSBC and BNP Paribas adjusting price targets downwards, while the current consensus rating stands at "Moderate Buy" with a price target of $12.25.

Hotchkis & Wiley Capital Management LLC decreased its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 5.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 947,160 shares of the company's stock after selling 49,720 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.33% of Goodyear Tire & Rubber worth $8,752,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GT. Envestnet Asset Management Inc. purchased a new position in Goodyear Tire & Rubber during the 4th quarter valued at about $157,000. Raymond James Financial Inc. bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $193,000. Mariner LLC raised its stake in shares of Goodyear Tire & Rubber by 27.6% during the 4th quarter. Mariner LLC now owns 32,105 shares of the company's stock worth $289,000 after acquiring an additional 6,942 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Goodyear Tire & Rubber by 3.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 217,777 shares of the company's stock worth $1,959,000 after acquiring an additional 8,071 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Goodyear Tire & Rubber by 27.0% during the 4th quarter. First Trust Advisors LP now owns 408,504 shares of the company's stock worth $3,677,000 after acquiring an additional 86,814 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT traded down $0.05 during mid-day trading on Friday, reaching $8.48. 4,040,085 shares of the stock were exchanged, compared to its average volume of 6,507,305. The business's 50 day moving average is $10.05 and its 200-day moving average is $10.08. The Goodyear Tire & Rubber Company has a 1 year low of $7.27 and a 1 year high of $12.03. The company has a market capitalization of $2.42 billion, a P/E ratio of 5.97, a P/E/G ratio of 0.76 and a beta of 1.37. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). The company had revenue of $4.47 billion for the quarter, compared to analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The business's revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.19 earnings per share. On average, equities research analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on GT. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, August 11th. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. BNP Paribas downgraded shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 8th. HSBC reissued a "hold" rating and set a $9.50 target price (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Finally, BNP Paribas Exane reissued a "neutral" rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $12.25.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.