Hsbc Holdings PLC Purchases 63,800 Shares of The Goodyear Tire & Rubber Company $GT

Key Points

• Hsbc Holdings PLC increased its stake in Goodyear Tire & Rubber by 73.1% during the first quarter, now holding 151,078 shares worth approximately $1.39 million after purchasing an additional 63,800 shares.
• Goodyear Tire & Rubber reported a loss of $0.17 EPS for the quarter, missing estimates, and its revenue decreased by 2.3% year-over-year to $4.47 billion.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Goodyear, with price targets ranging from $9.00 to $17.00 based on recent research reports.

Hsbc Holdings PLC raised its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 73.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 151,078 shares of the company's stock after acquiring an additional 63,800 shares during the quarter. Hsbc Holdings PLC owned approximately 0.05% of Goodyear Tire & Rubber worth $1,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of GT. GAMMA Investing LLC raised its position in shares of Goodyear Tire & Rubber by 147.5% during the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock valued at $26,000 after purchasing an additional 1,674 shares during the period. UMB Bank n.a. raised its position in shares of Goodyear Tire & Rubber by 125.9% during the 1st quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock valued at $29,000 after purchasing an additional 1,748 shares during the period. Cloud Capital Management LLC bought a new stake in shares of Goodyear Tire & Rubber during the 1st quarter valued at $33,000. Farther Finance Advisors LLC raised its position in shares of Goodyear Tire & Rubber by 1,799.1% during the 1st quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock valued at $37,000 after purchasing an additional 3,868 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Goodyear Tire & Rubber during the 4th quarter valued at $46,000. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Stock Down 0.5%

Shares of NASDAQ:GT traded down $0.04 during trading hours on Monday, hitting $8.48. The company's stock had a trading volume of 5,297,012 shares, compared to its average volume of 9,353,008. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $12.03. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 5.97, a P/E/G ratio of 0.75 and a beta of 1.37. The firm's fifty day moving average price is $10.01 and its 200 day moving average price is $10.10.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The business had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.50 billion. During the same quarter in the prior year, the firm posted $0.19 EPS. The company's revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Hsbc Global Res downgraded shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. BNP Paribas Exane reiterated a "neutral" rating and issued a $9.00 price target on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Finally, HSBC reiterated a "hold" rating and issued a $9.50 price target (down from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock 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.