Cibc World Market Inc. Buys New Shares in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Cibc World Market Inc. purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GTGet Rating) in the second quarter, HoldingsChannel reports. The fund purchased 13,766 shares of the company’s stock, valued at approximately $147,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in shares of Goodyear Tire & Rubber by 7.6% in the first quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock valued at $511,113,000 after buying an additional 2,528,942 shares during the period. Vanguard Group Inc. raised its holdings in Goodyear Tire & Rubber by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 28,349,435 shares of the company’s stock valued at $405,113,000 after acquiring an additional 437,114 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Goodyear Tire & Rubber by 3.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,260,862 shares of the company’s stock valued at $175,213,000 after acquiring an additional 431,192 shares in the last quarter. LSV Asset Management lifted its position in shares of Goodyear Tire & Rubber by 4.9% in the 1st quarter. LSV Asset Management now owns 9,476,631 shares of the company’s stock worth $135,421,000 after acquiring an additional 443,298 shares during the period. Finally, State Street Corp grew its holdings in shares of Goodyear Tire & Rubber by 7.0% during the 1st quarter. State Street Corp now owns 9,300,087 shares of the company’s stock worth $132,898,000 after purchasing an additional 605,665 shares in the last quarter. 80.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on GT shares. Citigroup cut their target price on Goodyear Tire & Rubber from $16.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, November 2nd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Goodyear Tire & Rubber from $14.00 to $10.00 in a report on Wednesday, November 2nd. Finally, StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 2nd. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.19.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $11.29 on Friday. The company’s fifty day moving average is $11.23 and its 200-day moving average is $12.07. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.68 and a current ratio of 1.33. The Goodyear Tire & Rubber Company has a 52 week low of $9.76 and a 52 week high of $24.17. The company has a market capitalization of $3.19 billion, a PE ratio of 3.76 and a beta of 1.92.

Goodyear Tire & Rubber (NASDAQ:GTGet Rating) last released its quarterly earnings results on Monday, October 31st. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.21). The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.34 billion. Goodyear Tire & Rubber had a net margin of 4.19% and a return on equity of 9.74%. Goodyear Tire & Rubber’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 earnings per share. Equities research analysts predict that The Goodyear Tire & Rubber Company will post 1.44 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Profile

(Get Rating)

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving equipment, and mining and industrial equipment under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.

See Also

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Institutional Ownership by Quarter for Goodyear Tire & Rubber (NASDAQ:GT)

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