Jupiter Asset Management Ltd. Sells 1,577,092 Shares of The Goodyear Tire & Rubber Company $GT

Jupiter Asset Management Ltd. trimmed its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 66.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 787,394 shares of the company’s stock after selling 1,577,092 shares during the period. Jupiter Asset Management Ltd.’s holdings in Goodyear Tire & Rubber were worth $6,898,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Invenomic Capital Management LP acquired a new stake in Goodyear Tire & Rubber in the 3rd quarter worth $13,753,000. CenterBook Partners LP grew its position in Goodyear Tire & Rubber by 166.1% in the 3rd quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock worth $15,265,000 after purchasing an additional 1,273,883 shares during the last quarter. Anderson Financial Strategies LLC acquired a new stake in Goodyear Tire & Rubber in the 3rd quarter worth $1,318,000. Bastion Asset Management Inc. grew its holdings 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 worth $8,076,000 after purchasing an additional 406,410 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of Goodyear Tire & Rubber by 76.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock worth $8,490,000 after purchasing an additional 491,210 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GT has been the topic of several recent research reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Wall Street Zen lowered Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Sunday, May 17th. Citigroup decreased their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. TD Cowen decreased their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $8.54.

Goodyear Tire & Rubber Price Performance

Shares of GT stock opened at $6.10 on Friday. The stock’s fifty day simple moving average is $6.52 and its 200 day simple moving average is $7.90. 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 cap of $1.75 billion, a price-to-earnings ratio of -0.84 and a beta of 1.17. The Goodyear Tire & Rubber Company has a one year low of $5.43 and a one year high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.05. The business had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.Goodyear Tire & Rubber’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.04) EPS. On average, analysts expect that The Goodyear Tire & Rubber Company will post -0.11 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.