The Goodyear Tire & Rubber Company $GT Holdings Cut by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management cut its Goodyear Tire & Rubber stake by 66.7% in the fourth quarter, selling 1.58 million shares and ending with 787,394 shares valued at about $6.9 million.
• Goodyear reported fiscal Q1 earnings of -$0.39 per share, beating expectations, while revenue came in at $3.88 billion, also above estimates, though sales still fell 8.7% year over year.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating with an average price target of $8.54, following recent target cuts and one downgrade to strong sell.

Jupiter Asset Management Ltd. decreased its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 66.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 787,394 shares of the company's stock after selling 1,577,092 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.28% of Goodyear Tire & Rubber worth $6,898,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Goodyear Tire & Rubber by 4.6% during 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 in the last quarter. United Services Automobile Association purchased a new stake in shares of Goodyear Tire & Rubber during the 1st quarter worth about $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Goodyear Tire & Rubber by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company's stock worth $6,074,000 after purchasing an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock worth $177,000 after purchasing an additional 1,011 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Goodyear Tire & Rubber by 23.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company's stock valued at $156,000 after purchasing an additional 2,855 shares in the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Performance

Shares of GT opened at $6.10 on Friday. The company has a market capitalization of $1.75 billion, a PE ratio of -0.84 and a beta of 1.17. The Goodyear Tire & Rubber Company has a one year low of $5.43 and a one year high of $12.03. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51. The company's fifty day moving average price is $6.52 and its 200 day moving average price is $7.90.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.05. The firm 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% on a year-over-year basis. During the same quarter last year, the firm posted ($0.04) EPS. As a group, analysts expect that The Goodyear Tire & Rubber Company will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on GT shares. TD Cowen cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, April 15th. Zacks Research downgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft restated 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 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. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and issued a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $8.54.

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.

Want to see what other hedge funds are holding GT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.