The Goodyear Tire & Rubber Company $GT Stake Reduced by Invenomic Capital Management LP

Invenomic Capital Management LP cut its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 44.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,028,330 shares of the company’s stock after selling 810,306 shares during the quarter. Invenomic Capital Management LP owned about 0.36% of Goodyear Tire & Rubber worth $9,008,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gotham Asset Management LLC acquired a new stake in Goodyear Tire & Rubber during the 4th quarter worth about $286,000. Engineers Gate Manager LP acquired a new stake in Goodyear Tire & Rubber during the 4th quarter worth about $1,333,000. Bridgeway Capital Management LLC raised its holdings in Goodyear Tire & Rubber by 1.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 2,081,725 shares of the company’s stock worth $18,236,000 after buying an additional 38,993 shares during the period. Aristeia Capital L.L.C. acquired a new stake in Goodyear Tire & Rubber during the 4th quarter worth about $326,000. Finally, Armistice Capital LLC acquired a new stake in Goodyear Tire & Rubber during the 4th quarter worth about $133,000. 84.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GT. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Citigroup cut 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. JPMorgan Chase & Co. restated an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, 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 opened at $6.16 on Thursday. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -0.85 and a beta of 1.12. The Goodyear Tire & Rubber Company has a fifty-two week low of $5.43 and a fifty-two week high of $11.79. 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 business’s 50-day moving average is $6.40 and its 200-day moving average is $7.73.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The firm’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.04) EPS. Equities research analysts expect that The Goodyear Tire & Rubber Company will post -0.27 EPS for the current fiscal 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.