Cibc World Market Inc. Acquires 487,455 Shares of The Goodyear Tire & Rubber Company $GT

Cibc World Market Inc. raised its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 33.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,929,810 shares of the company’s stock after buying an additional 487,455 shares during the quarter. Cibc World Market Inc.’s holdings in Goodyear Tire & Rubber were worth $14,435,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Solstein Capital LLC bought a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Goodyear Tire & Rubber by 3,894.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock worth $29,000 after acquiring an additional 2,726 shares during the period. Ameritas Advisory Services LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter valued at approximately $29,000. FNY Investment Advisers LLC bought a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $31,000. Finally, Hantz Financial Services Inc. raised its stake 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. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Trading Down 1.5%

Shares of GT opened at $9.34 on Friday. The firm has a fifty day simple moving average of $9.17 and a two-hundred day simple moving average of $8.50. The Goodyear Tire & Rubber Company has a twelve month low of $6.51 and a twelve month high of $12.03. The stock has a market capitalization of $2.67 billion, a P/E ratio of -1.56, a PEG ratio of 0.71 and a beta of 1.18. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 1.57.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on GT. Morgan Stanley upped their target price on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a report on Friday, November 28th. Citigroup raised their price objective on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday. Zacks Research lowered Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. reduced their price target on shares of Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, October 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Goodyear Tire & Rubber currently has an average rating of “Hold” and an average target price of $10.98.

Goodyear Tire & Rubber Company 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.