Readystate Asset Management LP Has $16.42 Million Stake in The Goodyear Tire & Rubber Company $GT

Readystate Asset Management LP reduced its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 4.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,488,405 shares of the company’s stock after selling 117,945 shares during the quarter. Readystate Asset Management LP owned 0.86% of Goodyear Tire & Rubber worth $16,423,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. EFG International AG acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at approximately $26,000. Los Angeles Capital Management LLC bought a new stake in Goodyear Tire & Rubber during the 4th quarter worth approximately $26,000. Focus Partners Wealth acquired a new stake in Goodyear Tire & Rubber during the 3rd quarter worth approximately $25,000. Nykredit A S acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter worth approximately $27,000. Finally, Allworth Financial LP bought a new position in Goodyear Tire & Rubber in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on GT. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. JPMorgan Chase & Co. upped their price objective on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reissued 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. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT opened at $6.25 on Monday. The company’s 50-day moving average price is $6.59 and its two-hundred day moving average price is $6.70. The Goodyear Tire & Rubber Company has a one year low of $5.43 and a one year high of $10.62. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The stock has a market capitalization of $1.80 billion, a PE ratio of -0.71 and a beta of 1.10.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. During the same quarter last year, the company earned ($0.17) EPS. Goodyear Tire & Rubber’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, equities analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

Goodyear Tire & Rubber 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.