SG Americas Securities LLC Boosts Stake in The Goodyear Tire & Rubber Company $GT

Key Points

• SG Americas Securities LLC more than doubled its stake in Goodyear Tire & Rubber during the first quarter, increasing its holdings by 113.5% to 1.45 million shares worth about $9.6 million.
• Other major institutional investors also added to their positions, and hedge funds and institutions now own 84.19% of Goodyear’s shares.
• Analysts remain cautious: the stock has an average rating of "Reduce" with a consensus price target of $8.54, while Goodyear recently reported narrower-than-expected quarterly losses and revenue above estimates.

SG Americas Securities LLC increased its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 113.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,447,677 shares of the company's stock after buying an additional 769,710 shares during the quarter. SG Americas Securities LLC owned about 0.51% of Goodyear Tire & Rubber worth $9,598,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of Goodyear Tire & Rubber by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company's stock worth $245,699,000 after acquiring an additional 1,666,394 shares during the last quarter. Vanguard Group Inc. raised its position in Goodyear Tire & Rubber by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 27,950,476 shares of the company's stock valued at $209,070,000 after purchasing an additional 1,130,037 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Goodyear Tire & Rubber by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 15,206,853 shares of the company's stock worth $133,216,000 after purchasing an additional 502,790 shares during the period. American Century Companies Inc. boosted its stake in Goodyear Tire & Rubber by 7.0% during the 3rd quarter. American Century Companies Inc. now owns 12,457,220 shares of the company's stock worth $93,180,000 after purchasing an additional 816,703 shares during the period. Finally, State Street Corp grew its position in Goodyear Tire & Rubber by 0.4% during the 4th quarter. State Street Corp now owns 10,450,140 shares of the company's stock worth $91,543,000 after purchasing an additional 36,786 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Weiss Ratings restated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Zacks Research downgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Citigroup reduced their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, May 8th. Finally, TD Cowen decreased their price objective 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. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $8.54.

Goodyear Tire & Rubber Stock Up 6.3%

Shares of Goodyear Tire & Rubber stock opened at $6.84 on Friday. The company has a market cap of $1.97 billion, a P/E ratio of -0.95 and a beta of 1.12. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The Goodyear Tire & Rubber Company has a one year low of $5.43 and a one year high of $11.79. The firm has a fifty day moving average of $6.30 and a two-hundred day moving average of $7.62.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.05. The business had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The business's quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. On average, analysts forecast that The Goodyear Tire & Rubber Company will post -0.27 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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