The Goodyear Tire & Rubber Company $GT Stake Trimmed by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in Goodyear Tire & Rubber by 4.7%, now owning approximately 0.76% of the company worth $19.92 million.
• Goodyear reported a loss of ($0.17) EPS for the last quarter, missing estimates, with revenue of $4.47 billion, down 2.3% from the previous year.
• Several brokerages have downgraded Goodyear's stock, with a consensus rating of "Moderate Buy" and an average price target of $12.25.

Invesco Ltd. lowered its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,155,832 shares of the company's stock after selling 105,681 shares during the quarter. Invesco Ltd. owned approximately 0.76% of Goodyear Tire & Rubber worth $19,920,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Brevan Howard Capital Management LP purchased a new position in Goodyear Tire & Rubber in the 4th quarter worth about $606,000. CenterBook Partners LP purchased a new stake in Goodyear Tire & Rubber in the 1st quarter worth about $13,413,000. PNC Financial Services Group Inc. lifted its stake in Goodyear Tire & Rubber by 1,285.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 317,743 shares of the company's stock worth $2,936,000 after acquiring an additional 294,816 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Goodyear Tire & Rubber in the 1st quarter worth about $308,000. Finally, Natixis Advisors LLC purchased a new stake in Goodyear Tire & Rubber in the 1st quarter worth about $312,000. Hedge funds and other institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT opened at $8.25 on Friday. The business's 50-day moving average price is $10.26 and its two-hundred day moving average price is $10.08. 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 one year low of $7.27 and a one year high of $12.03. The company has a market capitalization of $2.36 billion, a P/E ratio of 5.81, a price-to-earnings-growth ratio of 0.73 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) EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The firm had revenue of $4.47 billion during the quarter, compared to analysts' expectations of $4.50 billion. During the same quarter last year, the firm earned $0.19 EPS. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. Analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GT. JPMorgan Chase & Co. reissued an "overweight" rating and issued a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Hsbc Global Res downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. Wall Street Zen downgraded Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Saturday, May 10th. BNP Paribas Exane reissued a "neutral" rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. Finally, BNP Paribas downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.25.

Goodyear Tire & Rubber Company Profile

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.

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