Man Group plc Takes $12.41 Million Position in The Goodyear Tire & Rubber Company $GT

Man Group plc acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the second quarter, Holdings Channel reports. The fund acquired 1,881,047 shares of the company’s stock, valued at approximately $12,415,000.

Several other institutional investors have also made changes to their positions in the business. Bastion Asset Management Inc. raised its stake in Goodyear Tire & Rubber by 72.9% during the fourth quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company’s stock worth $8,076,000 after acquiring an additional 406,410 shares in the last quarter. Cibc World Market Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at $18,676,000. Canada Pension Plan Investment Board bought a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth about $78,278,000. Quantbot Technologies LP bought a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth about $3,136,000. Finally, Readystate Asset Management LP increased its position in shares of Goodyear Tire & Rubber by 45.8% during the 1st quarter. Readystate Asset Management LP now owns 2,606,350 shares of the company’s stock worth $17,280,000 after purchasing an additional 818,588 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GT shares. Citigroup reduced 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 report on Friday, May 8th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. increased their price target 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Stock Performance

GT stock opened at $6.15 on Friday. The company has a 50 day moving average price of $6.60 and a 200 day moving average price of $6.84. 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 current ratio of 1.09 and a quick ratio of 0.55. The stock has a market capitalization of $1.77 billion, a PE ratio of -0.70 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) 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 firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same period last year, the company earned ($0.17) EPS. The business’s quarterly revenue was down 4.8% compared to the same quarter last year. Analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current 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.