The Goodyear Tire & Rubber Company $GT Stock Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Goodyear stake by 98.4% in the second quarter, selling 669,976 shares and retaining 10,712 shares worth approximately $71,000.
• Several major institutions initiated positions, including BlackRock with an investment valued at about $238.8 million. Institutional investors collectively own 84.19% of Goodyear’s outstanding shares.
• Goodyear reported a quarterly loss of $0.61 per share, slightly better than estimates, while revenue reached $4.25 billion but fell 4.8% year over year. The stock opened at $5.02, and analysts maintain a consensus “Hold” rating with an $8.26 average price target.

Engineers Gate Manager LP cut its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 98.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,712 shares of the company's stock after selling 669,976 shares during the period. Engineers Gate Manager LP's holdings in Goodyear Tire & Rubber were worth $71,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bank of America Corp DE acquired a new stake in Goodyear Tire & Rubber during the second quarter worth $17,313,000. Canada Pension Plan Investment Board purchased a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth $78,278,000. Cibc World Market Inc. acquired a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth about $18,676,000. Empowered Funds LLC acquired a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth about $6,852,000. Finally, BlackRock Inc. purchased a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at about $238,776,000. Hedge funds and other institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $5.02 on Tuesday. 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 company has a market cap of $1.45 billion, a P/E ratio of -0.57 and a beta of 1.10. The stock has a 50-day moving average of $6.14 and a two-hundred day moving average of $6.37. The Goodyear Tire & Rubber Company has a 1-year low of $4.91 and a 1-year high of $10.62.

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 the consensus estimate of ($0.63) by $0.02. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The business's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.17) earnings per share. As a group, analysts anticipate that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Wall Street Analysts Forecast Growth

GT has been the topic of a number of recent analyst reports. Zacks Research raised shares of Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. JPMorgan Chase & Co. lifted their price target on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. 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. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of "Hold" and an average price target of $8.26.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.

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