IPG Investment Advisors LLC Cuts Stock Holdings in The Goodyear Tire & Rubber Company $GT

IPG Investment Advisors LLC reduced its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 21.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 651,295 shares of the company’s stock after selling 177,430 shares during the period. IPG Investment Advisors LLC owned about 0.23% of Goodyear Tire & Rubber worth $4,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bastion Asset Management Inc. grew its position in shares of Goodyear Tire & Rubber by 72.9% during 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. Canada Pension Plan Investment Board acquired a new position in Goodyear Tire & Rubber in the 2nd quarter worth about $78,278,000. Cibc World Market Inc. acquired a new position in Goodyear Tire & Rubber in the 2nd quarter worth about $18,676,000. Empowered Funds LLC purchased a new position in Goodyear Tire & Rubber during the second quarter worth approximately $6,852,000. Finally, Deutsche Bank AG purchased a new position in Goodyear Tire & Rubber during the second quarter worth approximately $2,145,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Trading Down 1.7%

Shares of GT stock opened at $5.75 on Thursday. The Goodyear Tire & Rubber Company has a fifty-two week low of $5.43 and a fifty-two week high of $10.62. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. The stock’s fifty day moving average is $6.55 and its two-hundred day moving average is $6.63. The firm has a market capitalization of $1.66 billion, a P/E ratio of -0.65 and a beta of 1.10.

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

Wall Street Analyst Weigh In

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

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.