Royal Bank of Canada Grows Stock Holdings in The Goodyear Tire & Rubber Company $GT

Royal Bank of Canada grew its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 170.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,516 shares of the company’s stock after buying an additional 142,207 shares during the quarter. Royal Bank of Canada owned 0.08% of Goodyear Tire & Rubber worth $1,496,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Goodyear Tire & Rubber by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock valued at $1,567,000 after acquiring an additional 7,453 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Goodyear Tire & Rubber in the first quarter valued at approximately $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Goodyear Tire & Rubber by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock worth $6,074,000 after buying an additional 15,064 shares during the period. Envestnet Asset Management Inc. increased its stake in Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after buying an additional 1,011 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Goodyear Tire & Rubber by 23.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock worth $156,000 after acquiring an additional 2,855 shares during the period. Institutional investors and hedge funds own 84.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft restated 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. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Finally, Citigroup cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $8.26.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $5.99 on Thursday. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $10.62. The stock’s 50-day moving average price is $6.63 and its 200 day moving average price is $7.00. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. The stock has a market capitalization of $1.72 billion, a PE ratio of -0.68 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, equities research analysts forecast that The Goodyear Tire & Rubber Company will post -0.38 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.