1,838,636 Shares in The Goodyear Tire & Rubber Company $GT Acquired by Invenomic Capital Management LP

Invenomic Capital Management LP purchased a new stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 1,838,636 shares of the company’s stock, valued at approximately $13,753,000.

Other hedge funds have also modified their holdings of the company. Focus Partners Wealth bought a new position in shares of Goodyear Tire & Rubber in the third quarter worth approximately $25,000. Hantz Financial Services Inc. raised its position in shares of Goodyear Tire & Rubber by 384.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 5,289 shares of the company’s stock valued at $40,000 after purchasing an additional 4,198 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at $47,000. Bayforest Capital Ltd bought a new position in Goodyear Tire & Rubber in the 3rd quarter worth $65,000. Finally, Allworth Financial LP boosted its holdings in Goodyear Tire & Rubber by 67.9% in the 2nd quarter. Allworth Financial LP now owns 7,433 shares of the company’s stock worth $77,000 after buying an additional 3,007 shares during the period. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Price Performance

NASDAQ:GT opened at $6.78 on Monday. The business’s 50-day moving average is $8.93 and its 200 day moving average is $8.35. The Goodyear Tire & Rubber Company has a 12 month low of $6.51 and a 12 month high of $12.03. The company has a market capitalization of $1.94 billion, a P/E ratio of -1.13, a P/E/G ratio of 0.29 and a beta of 1.12. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.57.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Monday, February 9th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.06). The firm had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Goodyear Tire & Rubber had a negative net margin of 9.41% and a positive return on equity of 3.21%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. On average, equities research analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on GT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, December 29th. Citigroup lifted their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. Zacks Research cut Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Finally, Morgan Stanley upped their price target on Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a research note on Friday, November 28th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of “Hold” and an average price target of $10.30.

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.