The Goodyear Tire & Rubber Company $GT Stock Position Increased by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC increased its stake in The Goodyear Tire & Rubber Company by 700.4% during the 1st quarter, now owning over 1.22 million shares valued at approximately $11.2 million.
• The company reported an earnings per share (EPS) of (0.17), missing analysts' estimates significantly, as it faced a 2.3% decline in quarterly revenue compared to the previous year.
• Several institutional investors have recently adjusted their holdings, with overall institutional ownership now at 84.19% of the company's stock.

AQR Capital Management LLC boosted its position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 700.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,228,982 shares of the company's stock after acquiring an additional 1,075,444 shares during the quarter. AQR Capital Management LLC owned 0.43% of Goodyear Tire & Rubber worth $11,233,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of GT. GAMMA Investing LLC increased its position in Goodyear Tire & Rubber by 147.5% during the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock worth $26,000 after purchasing an additional 1,674 shares in the last quarter. UMB Bank n.a. increased its position in shares of Goodyear Tire & Rubber by 125.9% in the first quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock worth $29,000 after acquiring an additional 1,748 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of Goodyear Tire & Rubber in the 1st quarter valued at $33,000. Farther Finance Advisors LLC lifted its holdings in shares of Goodyear Tire & Rubber by 1,799.1% during the 1st quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock valued at $37,000 after acquiring an additional 3,868 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Goodyear Tire & Rubber during the 4th quarter worth $46,000. 84.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on GT shares. Citigroup initiated coverage on Goodyear Tire & Rubber in a research note on Monday, September 8th. They set a "neutral" rating and a $10.00 price objective on the stock. BNP Paribas Exane reaffirmed a "neutral" rating and set a $9.00 price target on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. HSBC reaffirmed a "hold" rating and set a $9.50 price target (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday, August 20th. BNP Paribas downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. Finally, Hsbc Global Res cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of "Moderate Buy" and a consensus price target of $11.93.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT remained flat at $8.52 on Tuesday. 6,913,417 shares of the company's stock were exchanged, compared to its average volume of 6,778,331. The business has a fifty day simple moving average of $9.47 and a 200-day simple moving average of $9.99. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63. The Goodyear Tire & Rubber Company has a 52 week low of $7.80 and a 52 week high of $12.03. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 6.00, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). The business had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The business's revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.19 EPS. Analysts predict that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.