Connor Clark & Lunn Investment Management Ltd. Takes $4.32 Million Position in The Goodyear Tire & Rubber Company $GT

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the second quarter, Holdings Channel.com reports. The fund bought 653,730 shares of the company’s stock, valued at approximately $4,315,000.

A number of other large investors also recently modified their holdings of the company. Focus Partners Wealth acquired a new position in Goodyear Tire & Rubber during the third quarter worth $25,000. Los Angeles Capital Management LLC bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at $26,000. EFG International AG bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at $26,000. Allworth Financial LP acquired a new position in shares of Goodyear Tire & Rubber during the second quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Goodyear Tire & Rubber by 656.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after buying an additional 5,248 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on GT. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Citigroup cut their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Two research 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’s stock. According to MarketBeat.com, Goodyear Tire & Rubber currently has a consensus rating of “Hold” and a consensus target price of $8.26.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ GT opened at $6.15 on Friday. The Goodyear Tire & Rubber Company has a twelve month low of $5.43 and a twelve month high of $10.62. The stock’s 50 day moving average price is $6.60 and its 200-day moving average price is $6.84. The company has a market capitalization of $1.77 billion, a PE ratio of -0.70 and a beta of 1.12. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92.

Goodyear Tire & Rubber (NASDAQ:GT) last released its 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 company had revenue of $4.25 billion during 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%.Goodyear Tire & Rubber’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.17) earnings per share. On average, equities analysts anticipate that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Goodyear Tire & Rubber Company 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.