The Goodyear Tire & Rubber Company $GT Shares Sold by IPG Investment Advisors LLC

IPG Investment Advisors LLC reduced its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 21.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 651,295 shares of the company’s stock after selling 177,430 shares during the period. IPG Investment Advisors LLC’s holdings in Goodyear Tire & Rubber were worth $4,299,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GT. Bastion Asset Management Inc. boosted 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 last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at about $78,278,000. Cibc World Market Inc. acquired a new stake in Goodyear Tire & Rubber during the second quarter worth about $18,676,000. Empowered Funds LLC acquired a new stake in Goodyear Tire & Rubber during the second quarter worth about $6,852,000. Finally, Deutsche Bank AG purchased a new position in Goodyear Tire & Rubber during the second quarter worth about $2,145,000. 84.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Goodyear Tire & Rubber Trading Down 1.7%

NASDAQ GT opened at $5.75 on Thursday. 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 $1.66 billion, a P/E ratio of -0.65 and a beta of 1.10. The firm’s 50-day moving average is $6.55 and its two-hundred day moving average is $6.63. The Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share 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 business’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period last year, the business earned ($0.17) earnings per share. On average, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post -0.43 earnings per share 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.