Hsbc Holdings PLC Trims Stake in The Goodyear Tire & Rubber Company $GT

Hsbc Holdings PLC reduced its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 35.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 175,831 shares of the company’s stock after selling 97,238 shares during the quarter. Hsbc Holdings PLC owned approximately 0.06% of Goodyear Tire & Rubber worth $1,540,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Anderson Financial Strategies LLC increased its position in Goodyear Tire & Rubber by 5.1% in the fourth quarter. Anderson Financial Strategies LLC now owns 185,180 shares of the company’s stock worth $1,622,000 after buying an additional 9,024 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of Goodyear Tire & Rubber by 41.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,512 shares of the company’s stock valued at $145,000 after acquiring an additional 4,811 shares during the period. XTX Topco Ltd increased its holdings in Goodyear Tire & Rubber by 31.4% in the 4th quarter. XTX Topco Ltd now owns 117,181 shares of the company’s stock worth $1,027,000 after acquiring an additional 28,005 shares in the last quarter. VARCOV Co. purchased a new stake in Goodyear Tire & Rubber in the 4th quarter worth approximately $137,000. Finally, Wellington Management Group LLP raised its stake in Goodyear Tire & Rubber by 6.3% during the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock worth $245,699,000 after acquiring an additional 1,666,394 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Zacks Research cut Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Finally, Citigroup lowered their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Reduce” and a consensus target price of $8.54.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock traded up $0.17 during midday trading on Friday, reaching $6.81. 4,718,257 shares of the stock traded hands, compared to its average volume of 11,709,160. The stock has a market cap of $1.96 billion, a P/E ratio of -0.94 and a beta of 1.12. The stock’s fifty day moving average is $6.23 and its 200-day moving average is $7.47. 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 Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $11.65.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. The business had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.04) EPS. As a group, equities research analysts anticipate that The Goodyear Tire & Rubber Company will post -0.24 EPS for the current year.

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.