The Manufacturers Life Insurance Company Acquires Shares of 258,979 The Goodyear Tire & Rubber Company $GT

Key Points

• The Manufacturers Life Insurance Company acquired 258,979 Goodyear shares worth approximately $1.71 million, while institutional investors collectively own 84.19% of the company.
• Goodyear reported quarterly revenue of $4.25 billion, above estimates, but posted a $0.61 per-share loss; revenue declined 4.8% year over year and analysts project a full-year loss.
• GT shares opened at $6.11, near the lower end of their 52-week range. Analyst sentiment remains mixed, with an average rating of “Hold” and a consensus price target of $8.26.

The Manufacturers Life Insurance Company bought a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 258,979 shares of the company's stock, valued at approximately $1,709,000. The Manufacturers Life Insurance Company owned approximately 0.09% of Goodyear Tire & Rubber at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GT. BlackRock Inc. acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at approximately $238,776,000. Wellington Management Group LLP raised its position in shares of Goodyear Tire & Rubber by 6.3% in the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company's stock valued at $245,699,000 after purchasing an additional 1,666,394 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Goodyear Tire & Rubber by 8.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company's stock valued at $109,778,000 after purchasing an additional 1,352,085 shares in the last quarter. State Street Corp boosted its stake in shares of Goodyear Tire & Rubber by 0.4% during the 4th quarter. State Street Corp now owns 10,450,140 shares of the company's stock valued at $91,543,000 after buying an additional 36,786 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Goodyear Tire & Rubber by 151.8% during the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company's stock valued at $85,540,000 after buying an additional 5,886,935 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company's stock.

Goodyear Tire & Rubber Price Performance

Shares of GT opened at $6.11 on Friday. The Goodyear Tire & Rubber Company has a 52 week low of $5.43 and a 52 week high of $10.62. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -0.69 and a beta of 1.10. The stock has a 50 day moving average of $6.60 and a 200-day moving average of $6.72.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.02. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The business's revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.17) EPS. As a group, analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Citigroup dropped their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, May 8th. JPMorgan Chase & Co. increased their price objective on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. 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. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Two investment 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $8.26.

Goodyear Tire & Rubber 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.

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