The Goodyear Tire & Rubber Company $GT Stock Position Lifted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Goodyear stake by 454.8% in the third quarter, acquiring 504,458 additional shares for a total holding of 615,374 shares valued at approximately $3.06 million.
• Institutional investors own 84.19% of Goodyear, while several other funds also initiated or expanded positions during recent quarters.
• Analyst sentiment remains cautious: Goodyear has an average “Reduce” rating and an $8.06 price target, while shares recently opened at $4.30 after reporting a quarterly loss of $0.61 per share and revenue of $4.25 billion.

Assenagon Asset Management S.A. increased its position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 454.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 615,374 shares of the company's stock after buying an additional 504,458 shares during the quarter. Assenagon Asset Management S.A. owned 0.21% of Goodyear Tire & Rubber worth $3,058,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nykredit A S purchased a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth about $27,000. Allworth Financial LP bought a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $33,000. Versant Capital Management Inc boosted its stake in shares of Goodyear Tire & Rubber by 190.1% during the 3rd quarter. Versant Capital Management Inc now owns 5,349 shares of the company's stock valued at $27,000 after purchasing an additional 3,505 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Goodyear Tire & Rubber by 656.0% during the 1st 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 in the last quarter. Finally, Magnolia Capital Advisors LLC purchased a new position in shares of Goodyear Tire & Rubber during the second quarter valued at about $67,000. 84.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on GT. Wall Street Zen raised shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Zacks Research lowered shares of Goodyear Tire & Rubber from a "hold" rating to a "strong sell" rating in a report on Friday, October 16th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. reduced their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $8.06.

Goodyear Tire & Rubber Stock Performance

Shares of GT opened at $4.30 on Thursday. 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 Goodyear Tire & Rubber Company has a one year low of $4.09 and a one year high of $10.62. The firm has a market capitalization of $1.24 billion, a P/E ratio of -0.49 and a beta of 1.22. The business has a fifty day moving average of $5.35 and a 200 day moving average of $6.13.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted 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. The company had revenue of $4.25 billion during the quarter, compared to analysts' expectations of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%. Goodyear Tire & Rubber's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.17) earnings per share. As a group, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post -1.03 EPS for the current year.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires and related products for passenger vehicles, commercial trucks, aircraft, motorcycles, agricultural equipment and off-road vehicles.

Goodyear serves consumer, commercial and original-equipment customers through a portfolio that includes Goodyear and other regional and market-specific brands. Its offerings include replacement tires, tires supplied to vehicle manufacturers, retreading products and related solutions designed to support vehicle performance, safety and efficiency.

In addition to manufacturing, Goodyear operates tire and automotive service locations and provides fleet-management, maintenance and other mobility-related services for commercial customers.

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.