Hsbc Holdings PLC Sells 302,645 Shares of The Goodyear Tire & Rubber Company $GT

Key Points

• Hsbc Holdings PLC reduced its Goodyear Tire & Rubber stake by 70.4% in the second quarter, selling 302,645 shares and retaining 127,491 shares valued at approximately $840,000.
• Institutional ownership remains high at 84.19%, with BlackRock and Canada Pension Plan Investment Board initiating substantial positions and AQR Capital Management increasing its stake by 151.8%.
• Goodyear reported quarterly revenue of $4.25 billion and an adjusted loss of $0.61 per share, slightly outperforming estimates, but revenue fell 4.8% year over year. GT shares opened at $5.37, while analysts maintain a consensus “Hold” rating and an $8.26 price target.

Hsbc Holdings PLC cut its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 70.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,491 shares of the company's stock after selling 302,645 shares during the quarter. Hsbc Holdings PLC's holdings in Goodyear Tire & Rubber were worth $840,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GT. BlackRock Inc. acquired a new position in shares of Goodyear Tire & Rubber in the 2nd quarter valued at $238,776,000. Canada Pension Plan Investment Board acquired a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at $78,278,000. AQR Capital Management LLC grew its position in Goodyear Tire & Rubber by 151.8% in the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company's stock valued at $85,540,000 after acquiring an additional 5,886,935 shares during the period. Cibc World Market Inc. bought a new stake in Goodyear Tire & Rubber in the second quarter valued at $18,676,000. Finally, Wellington Management Group LLP raised its stake in Goodyear Tire & Rubber by 11.9% during the third 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 in the last quarter. Institutional investors and hedge funds own 84.19% of the company's stock.

Goodyear Tire & Rubber Price Performance

Shares of GT stock opened at $5.37 on Monday. The Goodyear Tire & Rubber Company has a 1 year low of $5.35 and a 1 year high of $10.62. The firm's 50 day moving average is $6.51 and its 200-day moving average is $6.59. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -0.61 and a beta of 1.10. 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 issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, beating analysts' consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.19 billion. During the same quarter last year, the business posted ($0.17) earnings per share. Goodyear Tire & Rubber's revenue for the quarter was down 4.8% compared to the same quarter last year. Sell-side analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Weiss Ratings restated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, JPMorgan Chase & Co. boosted 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. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $8.26.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.

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