IPG Investment Advisors LLC Sells 276,025 Shares of The Goodyear Tire & Rubber Company $GT

IPG Investment Advisors LLC cut its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 23.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 884,460 shares of the company’s stock after selling 276,025 shares during the quarter. Goodyear Tire & Rubber makes up about 1.4% of IPG Investment Advisors LLC’s portfolio, making the stock its 18th largest position. IPG Investment Advisors LLC owned approximately 0.31% of Goodyear Tire & Rubber worth $7,748,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Invenomic Capital Management LP bought a new position in Goodyear Tire & Rubber during the third quarter worth $13,753,000. CenterBook Partners LP lifted its stake in shares of Goodyear Tire & Rubber by 166.1% in the third quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock valued at $15,265,000 after buying an additional 1,273,883 shares in the last quarter. Anderson Financial Strategies LLC bought a new position in shares of Goodyear Tire & Rubber in the third quarter valued at $1,318,000. Bastion Asset Management Inc. lifted its stake in shares of Goodyear Tire & Rubber by 72.9% in the fourth quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company’s stock valued at $8,076,000 after buying an additional 406,410 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Goodyear Tire & Rubber by 76.3% in the third quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock valued at $8,490,000 after buying an additional 491,210 shares in the last quarter. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Stock Up 1.0%

Goodyear Tire & Rubber stock opened at $6.09 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. The firm’s fifty day moving average price is $6.54 and its two-hundred day moving average price is $7.93. The Goodyear Tire & Rubber Company has a 1-year low of $5.43 and a 1-year high of $12.03. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -0.84 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The company had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.81 billion. During the same period last year, the firm earned ($0.04) earnings per share. The firm’s revenue was down 8.7% on a year-over-year basis. On average, equities research analysts predict that The Goodyear Tire & Rubber Company will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on GT shares. Zacks Research lowered shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. 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 research note on Friday, May 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Finally, Wall Street Zen lowered shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 17th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $8.54.

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.