Readystate Asset Management LP Acquires 818,588 Shares of The Goodyear Tire & Rubber Company $GT

Readystate Asset Management LP increased its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 45.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,606,350 shares of the company’s stock after buying an additional 818,588 shares during the period. Readystate Asset Management LP owned 0.91% of Goodyear Tire & Rubber worth $17,280,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. AQR Capital Management LLC lifted its position in shares of Goodyear Tire & Rubber by 151.8% during the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock worth $85,540,000 after acquiring an additional 5,886,935 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Goodyear Tire & Rubber by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock valued at $197,333,000 after purchasing an additional 2,796,332 shares during the period. Bridgeway Capital Management LLC purchased a new stake in Goodyear Tire & Rubber during the 3rd quarter worth about $15,280,000. Morgan Stanley lifted its holdings in Goodyear Tire & Rubber by 32.3% during the 4th quarter. Morgan Stanley now owns 6,796,576 shares of the company’s stock worth $59,538,000 after purchasing an additional 1,660,963 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Goodyear Tire & Rubber by 8.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after purchasing an additional 1,352,085 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on GT shares. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a 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 research note on Saturday, June 6th. Citigroup decreased their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Finally, TD Cowen cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus target price of $8.54.

Goodyear Tire & Rubber Trading Up 3.5%

Shares of GT opened at $7.36 on Wednesday. The firm’s 50 day simple moving average is $6.43 and its 200 day simple moving average is $7.32. The company has a market capitalization of $2.12 billion, a P/E ratio of -1.02 and a beta of 1.12. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51. The Goodyear Tire & Rubber Company has a 1-year low of $5.43 and a 1-year high of $10.82.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, topping 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 business had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.81 billion. During the same quarter in the previous year, the company earned ($0.04) EPS. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. Sell-side analysts forecast that The Goodyear Tire & Rubber Company will post -0.26 earnings per share for the current fiscal year.

Goodyear Tire & Rubber 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.