Hedges Asset Management LLC Cuts Stock Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Hedges Asset Management LLC cut its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 18.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,000 shares of the company’s stock after selling 18,000 shares during the period. Hedges Asset Management LLC’s holdings in Goodyear Tire & Rubber were worth $711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GT. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Goodyear Tire & Rubber by 11.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,328 shares of the company’s stock valued at $333,000 after acquiring an additional 2,986 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the second quarter worth about $425,000. Canada Pension Plan Investment Board lifted its holdings in shares of Goodyear Tire & Rubber by 682.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 487,600 shares of the company’s stock valued at $5,534,000 after purchasing an additional 425,300 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Goodyear Tire & Rubber by 323.6% in the 2nd quarter. Bank of Montreal Can now owns 976,078 shares of the company’s stock valued at $11,108,000 after purchasing an additional 745,636 shares during the period. Finally, AQR Capital Management LLC grew its stake in Goodyear Tire & Rubber by 91.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,536,252 shares of the company’s stock worth $28,203,000 after buying an additional 1,211,519 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ GT opened at $9.29 on Friday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.14 and a quick ratio of 0.65. The company has a market cap of $2.65 billion, a PE ratio of -8.93 and a beta of 1.80. The stock has a fifty day moving average price of $9.43 and a 200 day moving average price of $9.21. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $14.97.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The business’s revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 earnings per share. Sell-side analysts forecast that The Goodyear Tire & Rubber Company will post 1.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GT. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a research note on Friday, December 20th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus target price of $13.30.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.