Bastion Asset Management Inc. Sells 557,091 Shares of The Goodyear Tire & Rubber Company $GT

Bastion Asset Management Inc. lessened its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 57.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 406,847 shares of the company’s stock after selling 557,091 shares during the period. Bastion Asset Management Inc. owned about 0.14% of Goodyear Tire & Rubber worth $2,734,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Focus Partners Wealth acquired a new stake in Goodyear Tire & Rubber during the third quarter worth approximately $25,000. EFG International AG acquired a new position in Goodyear Tire & Rubber in the 4th quarter valued at $26,000. Los Angeles Capital Management LLC acquired a new position in Goodyear Tire & Rubber in the 4th quarter valued at $26,000. Parallel Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 55.5% during the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock valued at $62,000 after acquiring an additional 2,538 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Goodyear Tire & Rubber by 29.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,749 shares of the company’s stock valued at $68,000 after acquiring an additional 1,749 shares during the period. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Trading Up 5.3%

Shares of GT opened at $7.10 on Friday. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $11.65. The business’s fifty day moving average is $6.20 and its 200-day moving average is $7.41. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -0.98 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.05. The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.Goodyear Tire & Rubber’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) EPS. Equities analysts anticipate that The Goodyear Tire & Rubber Company will post -0.25 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Finally, Citigroup decreased their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.54.

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.