Hsbc Holdings PLC Purchases 254,305 Shares of The Goodyear Tire & Rubber Company $GT

Key Points

• HSBC Holdings PLC increased its stake in Goodyear Tire & Rubber by 144.6% in the first quarter, buying 254,305 additional shares and bringing its total to 430,136 shares worth about $2.8 million.
• Other institutional investors also adjusted positions in GT, and institutions now own 84.19% of the company’s shares, indicating heavy professional ownership.
• Analysts remain cautious overall: Goodyear has a Hold consensus rating with a $8.54 price target, while the stock recently traded at $7.21 after reporting better-than-expected quarterly EPS and revenue but continued year-over-year revenue declines.

Hsbc Holdings PLC grew its position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 144.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 430,136 shares of the company's stock after acquiring an additional 254,305 shares during the quarter. Hsbc Holdings PLC owned about 0.15% of Goodyear Tire & Rubber worth $2,798,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Goodyear Tire & Rubber by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company's stock worth $1,567,000 after purchasing an additional 7,453 shares during the period. United Services Automobile Association bought a new position in shares of Goodyear Tire & Rubber during the first quarter valued at approximately $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Goodyear Tire & Rubber by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company's stock valued at $6,074,000 after buying an additional 15,064 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock valued at $177,000 after buying an additional 1,011 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Goodyear Tire & Rubber by 23.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company's stock worth $156,000 after buying an additional 2,855 shares during the period. Institutional investors own 84.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GT. Zacks Research upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. JPMorgan Chase & Co. reiterated an "overweight" rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen decreased their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Wednesday, April 15th. Weiss Ratings reissued a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Finally, Citigroup cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, May 8th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of "Hold" and a consensus price target of $8.54.

Goodyear Tire & Rubber Stock Up 2.6%

Shares of NASDAQ GT opened at $7.21 on Friday. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $11.34. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -1.00 and a beta of 1.12. The stock has a 50 day moving average price of $6.36 and a 200 day moving average price of $7.35. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.Goodyear Tire & Rubber's quarterly revenue was down 8.7% on a year-over-year basis. During the same period last year, the business posted ($0.04) EPS. Sell-side analysts expect that The Goodyear Tire & Rubber Company will post -0.26 earnings per share for the current year.

Goodyear Tire & Rubber 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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