Deutsche Bank AG Makes New Investment in The Goodyear Tire & Rubber Company $GT

Deutsche Bank AG purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 325,065 shares of the company’s stock, valued at approximately $2,145,000.

Other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in shares of Goodyear Tire & Rubber in the second quarter worth approximately $11,378,000. GSA Capital Partners LLP bought a new position in Goodyear Tire & Rubber during the 2nd quarter worth approximately $610,000. 180 Wealth Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 30.2% in the 2nd quarter. 180 Wealth Advisors LLC now owns 33,419 shares of the company’s stock worth $221,000 after purchasing an additional 7,761 shares during the period. Empowered Funds LLC lifted its position in shares of Goodyear Tire & Rubber by 5.6% in the 1st quarter. Empowered Funds LLC now owns 1,343,234 shares of the company’s stock worth $8,906,000 after purchasing an additional 70,696 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of Goodyear Tire & Rubber by 54.9% in the 1st quarter. Bank of America Corp DE now owns 1,669,177 shares of the company’s stock valued at $11,067,000 after purchasing an additional 591,839 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Trading Down 1.8%

NASDAQ GT opened at $6.15 on Friday. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. The Goodyear Tire & Rubber Company has a 52 week low of $5.43 and a 52 week high of $10.62. The business has a 50 day moving average price of $6.60 and a 200-day moving average price of $6.84. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -0.70 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) 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 during the quarter, compared to the consensus estimate of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. Goodyear Tire & Rubber’s revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.17) EPS. As a group, equities analysts expect that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GT shares. Citigroup lowered their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. raised their price objective 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. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Goodyear Tire & Rubber presently has an average rating of “Hold” and a consensus target price of $8.26.

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.