Royal Bank of Canada Raises Holdings in The Goodyear Tire & Rubber Company $GT

Royal Bank of Canada lifted its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 170.7% during the first quarter, Holdings Channel reports. The institutional investor owned 225,516 shares of the company’s stock after purchasing an additional 142,207 shares during the quarter. Royal Bank of Canada’s holdings in Goodyear Tire & Rubber were worth $1,496,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GT. Wellington Management Group LLP lifted its holdings in Goodyear Tire & Rubber by 6.3% in the fourth quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock valued at $245,699,000 after acquiring an additional 1,666,394 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 increased its holdings in shares of Goodyear Tire & Rubber by 0.4% in the 4th quarter. State Street Corp now owns 10,450,140 shares of the company’s stock valued at $91,543,000 after purchasing an additional 36,786 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Goodyear Tire & Rubber by 151.8% in the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after purchasing an additional 5,886,935 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Goodyear Tire & Rubber by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 7,245,230 shares of the company’s stock worth $63,479,000 after buying an additional 449,911 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.26.

Goodyear Tire & Rubber Stock Up 1.0%

Shares of NASDAQ GT opened at $5.99 on Thursday. The firm’s 50-day moving average is $6.63 and its two-hundred day moving average is $7.00. The company has a market capitalization of $1.72 billion, a PE ratio of -0.68 and a beta of 1.12. The Goodyear Tire & Rubber Company has a 12-month low of $5.43 and a 12-month high of $10.62. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same period in the previous year, the firm posted ($0.17) EPS. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. Equities analysts anticipate that The Goodyear Tire & Rubber Company will post -0.38 EPS for the current fiscal year.

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.