Quantbot Technologies LP Invests $3.14 Million in The Goodyear Tire & Rubber Company $GT

Quantbot Technologies LP bought a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 475,087 shares of the company’s stock, valued at approximately $3,136,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. bought a new position in shares of Goodyear Tire & Rubber during the second quarter worth approximately $238,776,000. Wellington Management Group LLP grew its position in Goodyear Tire & Rubber by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock worth $245,699,000 after buying an additional 1,666,394 shares in the last quarter. Dimensional Fund Advisors LP increased its stake 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 worth $109,778,000 after acquiring an additional 1,352,085 shares during the period. State Street Corp raised its holdings in 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 acquiring an additional 36,786 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Goodyear Tire & Rubber by 151.8% during the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after acquiring an additional 5,886,935 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock opened at $5.97 on Monday. The company’s 50 day moving average price is $6.61 and its two-hundred day moving average price is $6.95. The firm has a market capitalization of $1.72 billion, a P/E ratio of -0.68 and a beta of 1.12. The Goodyear Tire & Rubber Company has a fifty-two week low of $5.43 and a fifty-two week 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 announced its quarterly earnings results 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 net margin of 14.37% and a negative return on equity of 2.95%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same period in the prior year, the business earned ($0.17) earnings per share. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, equities analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Citigroup lowered their price target on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Hold” and an average price target 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.