Man Group plc Invests $12.41 Million in The Goodyear Tire & Rubber Company $GT

Key Points

• Man Group plc purchased 1.88 million Goodyear shares worth approximately $12.4 million during the second quarter, giving it a 0.65% stake. Institutional investors collectively own 84.19% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $8.26; individual targets range from $7 to $10.
• Goodyear reported a quarterly loss of $0.61 per share, slightly better than estimates, while revenue reached $4.25 billion but declined 4.8% year over year. The stock opened at $6.15, near the lower end of its 52-week range.

Man Group plc purchased a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,881,047 shares of the company's stock, valued at approximately $12,415,000. Man Group plc owned approximately 0.65% of Goodyear Tire & Rubber at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. EFG International AG bought a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth about $26,000. Los Angeles Capital Management LLC bought a new stake in Goodyear Tire & Rubber during the fourth quarter worth approximately $26,000. Focus Partners Wealth acquired a new position in Goodyear Tire & Rubber during the third quarter valued at approximately $25,000. Allworth Financial LP acquired a new position in Goodyear Tire & Rubber during the second quarter valued at approximately $33,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Goodyear Tire & Rubber by 656.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company's stock valued at $40,000 after purchasing an additional 5,248 shares during the period. 84.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on GT shares. JPMorgan Chase & Co. upped their price objective on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Citigroup cut their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, May 8th. Weiss Ratings restated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Finally, Wall Street Zen raised Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $8.26.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $6.15 on Friday. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -0.70 and a beta of 1.12. The company's fifty day moving average is $6.60 and its two-hundred day moving average is $6.84. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS 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 in the prior year, the business earned ($0.17) earnings per share. The firm's revenue for the quarter was down 4.8% on a year-over-year basis. Equities research analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Goodyear Tire & Rubber Company 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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