Canada Pension Plan Investment Board Purchases New Holdings in The Goodyear Tire & Rubber Company $GT

Canada Pension Plan Investment Board purchased a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 11,860,260 shares of the company’s stock, valued at approximately $78,278,000.

Several other institutional investors have also recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at approximately $3,050,000. The Manufacturers Life Insurance Company acquired a new position in Goodyear Tire & Rubber during the second quarter worth $1,709,000. Algert Global LLC raised its position in Goodyear Tire & Rubber by 76.8% during the second quarter. Algert Global LLC now owns 233,740 shares of the company’s stock worth $1,543,000 after acquiring an additional 101,520 shares in the last quarter. Cibc World Market Inc. bought a new stake in Goodyear Tire & Rubber during the second quarter worth $18,676,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Goodyear Tire & Rubber in the second quarter valued at $4,315,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GT shares. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Citigroup reduced their price target on 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, JPMorgan Chase & Co. lifted their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of “Hold” and a consensus target price of $8.26.

Goodyear Tire & Rubber Stock Up 1.0%

GT opened at $6.26 on Thursday. The Goodyear Tire & Rubber Company has a 1-year low of $5.43 and a 1-year high of $10.62. The stock’s fifty day simple moving average is $6.60 and its 200 day simple moving average is $6.87. 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 stock has a market cap of $1.80 billion, a PE ratio of -0.71 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping 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 firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. During the same period in the previous year, the business posted ($0.17) earnings per share. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, research analysts expect that The Goodyear Tire & Rubber Company will post -0.43 earnings per share for the current 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.