OP Asset Management Ltd Takes Position in The Goodyear Tire & Rubber Company $GT

OP Asset Management Ltd bought a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 383,779 shares of the company’s stock, valued at approximately $2,544,000. OP Asset Management Ltd owned 0.13% of Goodyear Tire & Rubber as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Invenomic Capital Management LP purchased a new stake in Goodyear Tire & Rubber during the third quarter worth approximately $13,753,000. Bastion Asset Management Inc. raised its stake in shares of Goodyear Tire & Rubber by 72.9% in the 4th quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company’s stock valued at $8,076,000 after acquiring an additional 406,410 shares during the period. Brevan Howard Capital Management LP raised its stake in shares of Goodyear Tire & Rubber by 313.7% in the 3rd quarter. Brevan Howard Capital Management LP now owns 438,206 shares of the company’s stock valued at $3,278,000 after acquiring an additional 332,294 shares during the period. Citigroup Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 331.2% during the 3rd quarter. Citigroup Inc. now owns 815,084 shares of the company’s stock valued at $6,097,000 after acquiring an additional 626,061 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 27,950,476 shares of the company’s stock valued at $209,070,000 after acquiring an additional 1,130,037 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on GT shares. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. 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 research report on Monday, May 11th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen dropped their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $8.54.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $6.84 on Friday. The Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $11.79. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51. The firm has a market capitalization of $1.97 billion, a P/E ratio of -0.95 and a beta of 1.12. The company’s fifty day moving average price is $6.30 and its two-hundred day moving average price is $7.62.

Goodyear Tire & Rubber (NASDAQ:GT) last announced 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 positive return on equity of 0.93% and a negative net margin of 11.64%.The company had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same period last year, the firm earned ($0.04) earnings per share. The company’s revenue was down 8.7% on a year-over-year basis. On average, research analysts anticipate that The Goodyear Tire & Rubber Company will post -0.27 earnings per share for the current fiscal year.

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.