Cibc World Market Inc. Buys 335,488 Shares of The Goodyear Tire & Rubber Company $GT

Cibc World Market Inc. increased its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 17.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,265,298 shares of the company’s stock after buying an additional 335,488 shares during the period. Cibc World Market Inc. owned 0.79% of Goodyear Tire & Rubber worth $19,844,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Sivia Capital Partners LLC bought a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth about $98,000. Monaco Asset Management SAM boosted its holdings in shares of Goodyear Tire & Rubber by 140.0% during the 4th quarter. Monaco Asset Management SAM now owns 240,000 shares of the company’s stock worth $2,102,000 after buying an additional 140,000 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Goodyear Tire & Rubber by 48.0% during the 4th quarter. BNP Paribas Financial Markets now owns 1,285,756 shares of the company’s stock worth $11,263,000 after buying an additional 416,825 shares during the period. Norges Bank bought a new stake in Goodyear Tire & Rubber in the 4th quarter valued at about $2,795,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Goodyear Tire & Rubber by 10.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 18,869 shares of the company’s stock valued at $165,000 after purchasing an additional 1,819 shares during the period. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $5.71 on Friday. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66. The company has a market capitalization of $1.64 billion, a P/E ratio of -0.79 and a beta of 1.12. The Goodyear Tire & Rubber Company has a 12-month low of $5.43 and a 12-month high of $12.03. The firm has a 50-day moving average price of $6.47 and a two-hundred day moving average price of $7.84.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The company had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same quarter in the prior year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. Analysts anticipate that The Goodyear Tire & Rubber Company will post -0.32 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. TD Cowen cut their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $8.54.

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.