The Manufacturers Life Insurance Company Makes New Investment in The Goodyear Tire & Rubber Company $GT

The Manufacturers Life Insurance Company bought a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the second quarter, HoldingsChannel.com reports. The fund bought 258,979 shares of the company’s stock, valued at approximately $1,709,000.

Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth approximately $238,776,000. AQR Capital Management LLC boosted its position in Goodyear Tire & Rubber by 151.8% during the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after purchasing an additional 5,886,935 shares during the period. Cibc World Market Inc. acquired a new position in Goodyear Tire & Rubber during the 2nd quarter valued at approximately $18,676,000. Wellington Management Group LLP grew its stake in Goodyear Tire & Rubber by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock worth $197,333,000 after buying an additional 2,796,332 shares during the last quarter. Finally, Bridgeway Capital Management LLC bought a new position in Goodyear Tire & Rubber during the 3rd quarter worth $15,280,000. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Price Performance

NASDAQ:GT opened at $6.11 on Friday. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. The business’s 50-day moving average price is $6.60 and its 200 day moving average price is $6.72. The Goodyear Tire & Rubber Company has a 52-week low of $5.43 and a 52-week high of $10.62. The firm has a market cap of $1.76 billion, a P/E ratio of -0.69 and a beta of 1.10.

Goodyear Tire & Rubber (NASDAQ:GT) last issued 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. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same period in the prior year, the company earned ($0.17) EPS. Goodyear Tire & Rubber’s revenue was down 4.8% on a year-over-year basis. As a group, sell-side analysts predict that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Citigroup dropped their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated 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. 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 assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.26.

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.