Assenagon Asset Management S.A. Takes $1.04 Million Position in The Goodyear Tire & Rubber Company $GT

Assenagon Asset Management S.A. purchased a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 157,490 shares of the company’s stock, valued at approximately $1,044,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cidel Asset Management Inc. lifted its stake in shares of Goodyear Tire & Rubber by 19.1% in the 1st quarter. Cidel Asset Management Inc. now owns 14,761 shares of the company’s stock valued at $98,000 after purchasing an additional 2,369 shares in the last quarter. Sovereign Financial Group Inc. purchased a new position in Goodyear Tire & Rubber in the first quarter valued at approximately $70,000. SG Americas Securities LLC raised its holdings in Goodyear Tire & Rubber by 113.5% in the first quarter. SG Americas Securities LLC now owns 1,447,677 shares of the company’s stock valued at $9,598,000 after buying an additional 769,710 shares during the period. Anderson Financial Strategies LLC raised its stake in shares of Goodyear Tire & Rubber by 5.1% in the 4th quarter. Anderson Financial Strategies LLC now owns 185,180 shares of the company’s stock valued at $1,622,000 after acquiring an additional 9,024 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Goodyear Tire & Rubber by 41.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,512 shares of the company’s stock worth $145,000 after purchasing an additional 4,811 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Up 2.0%

Shares of Goodyear Tire & Rubber stock opened at $6.59 on Friday. The business has a 50-day moving average price of $6.27 and a 200 day moving average price of $7.56. The Goodyear Tire & Rubber Company has a fifty-two week low of $5.43 and a fifty-two week high of $11.79. The firm has a market cap of $1.89 billion, a P/E ratio of -0.91 and a beta of 1.12. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.81 billion. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. On average, sell-side analysts forecast that The Goodyear Tire & Rubber Company will post -0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GT has been the topic of several analyst reports. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. 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 report on Monday, May 11th. Citigroup cut their price target on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. TD Cowen reduced their price target on 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, Zacks Research lowered Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $8.54.

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.