OP Asset Management Ltd Acquires Shares of 383,779 The Goodyear Tire & Rubber Company $GT

OP Asset Management Ltd acquired a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 383,779 shares of the company’s stock, valued at approximately $2,544,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock worth $1,567,000 after purchasing an additional 7,453 shares during the last quarter. United Services Automobile Association bought a new stake in Goodyear Tire & Rubber in the first quarter valued at about $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Goodyear Tire & Rubber by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock valued at $6,074,000 after buying an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after buying an additional 1,011 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Goodyear Tire & Rubber by 23.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock valued at $156,000 after buying an additional 2,855 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. TD Cowen dropped their price target on 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. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Citigroup decreased their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Finally, Zacks Research lowered shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Two equities 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 company. According to MarketBeat, Goodyear Tire & Rubber presently has an average rating of “Reduce” and an average price target of $8.54.

Goodyear Tire & Rubber Stock Up 6.3%

Goodyear Tire & Rubber stock opened at $6.84 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The Goodyear Tire & Rubber Company has a one year low of $5.43 and a one year high of $11.79. The company has a 50-day simple moving average of $6.30 and a 200-day simple moving average of $7.62. The firm has a market capitalization of $1.97 billion, a P/E ratio of -0.95 and a beta of 1.12.

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