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

Readystate Asset Management LP grew its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 105.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,871,597 shares of the company’s stock after purchasing an additional 960,440 shares during the period. Readystate Asset Management LP owned about 0.65% of Goodyear Tire & Rubber worth $14,000,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Greenvale Capital LLP purchased a new position in Goodyear Tire & Rubber in the 2nd quarter valued at $106,292,000. Marshall Wace LLP boosted its position in shares of Goodyear Tire & Rubber by 1,107.5% during the 2nd quarter. Marshall Wace LLP now owns 7,825,605 shares of the company’s stock valued at $81,152,000 after acquiring an additional 7,177,542 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Goodyear Tire & Rubber in the third quarter valued at about $32,301,000. Maple Rock Capital Partners Inc. increased its position in Goodyear Tire & Rubber by 215.6% during the second quarter. Maple Rock Capital Partners Inc. now owns 5,561,846 shares of the company’s stock worth $57,676,000 after purchasing an additional 3,799,383 shares during the last quarter. Finally, Norges Bank purchased a new position in Goodyear Tire & Rubber during the second quarter worth about $29,112,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock opened at $8.86 on Wednesday. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of -1.48, a price-to-earnings-growth ratio of 0.42 and a beta of 1.18. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.06 and a quick ratio of 0.54. The business has a 50-day moving average of $9.22 and a 200 day moving average of $8.45. The Goodyear Tire & Rubber Company has a 12 month low of $6.51 and a 12 month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, February 9th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.The business had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter last year, the company earned $0.39 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. As a group, sell-side analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Analysts Set New Price Targets

GT has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a report on Friday, November 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. Citigroup increased their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Finally, Zacks Research cut shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and two have given 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 $10.83.

Goodyear Tire & Rubber 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.