IPG Investment Advisors LLC Sells 276,025 Shares of The Goodyear Tire & Rubber Company $GT

IPG Investment Advisors LLC reduced its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 23.8% during the fourth quarter, Holdings Channel reports. The firm owned 884,460 shares of the company’s stock after selling 276,025 shares during the period. Goodyear Tire & Rubber makes up 1.4% of IPG Investment Advisors LLC’s holdings, making the stock its 18th largest holding. IPG Investment Advisors LLC’s holdings in Goodyear Tire & Rubber were worth $7,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently made changes to their positions in GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock valued at $1,567,000 after purchasing an additional 7,453 shares in the last quarter. United Services Automobile Association bought a new position in shares of Goodyear Tire & Rubber during the first quarter valued at about $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Goodyear Tire & Rubber by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock valued at $6,074,000 after purchasing an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after buying an additional 1,011 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Goodyear Tire & Rubber by 23.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock worth $156,000 after buying an additional 2,855 shares during the last quarter. 84.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on GT. JPMorgan Chase & Co. restated an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. TD Cowen decreased their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Finally, Citigroup decreased their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Reduce” and a consensus target price of $8.54.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $6.09 on Thursday. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $12.03. The company has a 50-day simple moving average of $6.54 and a 200 day simple moving average of $7.93. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The company has a market capitalization of $1.75 billion, a PE ratio of -0.84 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.05. The firm had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The company’s revenue was down 8.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.04) earnings per share. On average, research analysts predict that The Goodyear Tire & Rubber Company will post -0.11 EPS for the current year.

About Goodyear Tire & Rubber

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.