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

Readystate Asset Management LP lessened its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 4.5% in the second quarter, HoldingsChannel.com reports. The fund owned 2,488,405 shares of the company’s stock after selling 117,945 shares during the period. Readystate Asset Management LP’s holdings in Goodyear Tire & Rubber were worth $16,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. AlphaGrep UK Ltd bought a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at about $616,000. Plan A Wealth LLC bought a new position in Goodyear Tire & Rubber during the second quarter worth about $89,000. Nykredit A S acquired a new position in Goodyear Tire & Rubber during the second quarter worth approximately $27,000. Ancora Advisors LLC raised its stake in Goodyear Tire & Rubber by 359.4% in the second quarter. Ancora Advisors LLC now owns 11,025 shares of the company’s stock valued at $73,000 after buying an additional 8,625 shares during the period. Finally, Two Sigma Securities LLC raised its stake in Goodyear Tire & Rubber by 30.0% in the second quarter. Two Sigma Securities LLC now owns 30,176 shares of the company’s stock valued at $199,000 after buying an additional 6,966 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GT. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. raised their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Finally, Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.26.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $6.25 on Monday. The Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $10.62. The stock’s 50 day moving average is $6.59 and its 200-day moving average is $6.70. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -0.71 and a beta of 1.10.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The firm’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) earnings per share. Equities research analysts expect 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.