Readystate Asset Management LP Increases Stake in The Goodyear Tire & Rubber Company $GT

Readystate Asset Management LP increased its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 45.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,606,350 shares of the company’s stock after purchasing an additional 818,588 shares during the quarter. Readystate Asset Management LP’s holdings in Goodyear Tire & Rubber were worth $17,280,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in GT. AQR Capital Management LLC grew its stake in shares of Goodyear Tire & Rubber by 151.8% during the fourth 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. Wellington Management Group LLP increased its holdings in shares of Goodyear Tire & Rubber by 11.9% in the third quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock worth $197,333,000 after buying an additional 2,796,332 shares during the period. Bridgeway Capital Management LLC bought a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter valued at about $15,280,000. Morgan Stanley lifted its stake in shares of Goodyear Tire & Rubber by 32.3% in the 4th quarter. Morgan Stanley now owns 6,796,576 shares of the company’s stock valued at $59,538,000 after acquiring an additional 1,660,963 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Goodyear Tire & Rubber by 8.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock valued at $109,778,000 after acquiring an additional 1,352,085 shares during the period. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Stock Performance

Goodyear Tire & Rubber stock opened at $7.36 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. The firm has a 50-day moving average of $6.43 and a 200-day moving average of $7.32. The firm has a market cap of $2.12 billion, a P/E ratio of -1.02 and a beta of 1.12. The Goodyear Tire & Rubber Company has a 1-year low of $5.43 and a 1-year high of $10.82.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.Goodyear Tire & Rubber’s revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.04) EPS. Sell-side analysts expect that The Goodyear Tire & Rubber Company will post -0.26 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GT shares. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Citigroup dropped their price objective on 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. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $8.54.

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.