Assenagon Asset Management S.A. Buys New Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Assenagon Asset Management S.A. bought a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 58,089 shares of the company’s stock, valued at approximately $537,000.

A number of other institutional investors and hedge funds have also bought and sold shares of GT. GAMMA Investing LLC lifted its holdings in shares of Goodyear Tire & Rubber by 147.5% in the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock worth $26,000 after acquiring an additional 1,674 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Goodyear Tire & Rubber by 125.9% in the 1st quarter. UMB Bank n.a. now owns 3,136 shares of the company’s stock worth $29,000 after acquiring an additional 1,748 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Goodyear Tire & Rubber by 1,799.1% in the 1st quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company’s stock worth $37,000 after acquiring an additional 3,868 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Goodyear Tire & Rubber by 251.8% in the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock worth $40,000 after acquiring an additional 3,059 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Goodyear Tire & Rubber in the 4th quarter worth approximately $46,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $10.51 on Friday. The Goodyear Tire & Rubber Company has a 12 month low of $7.27 and a 12 month high of $12.58. The company’s fifty day moving average price is $10.82 and its 200-day moving average price is $9.78. The stock has a market cap of $3.00 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 0.30 and a beta of 1.40. The company has a current ratio of 1.22, a quick ratio of 0.64 and a debt-to-equity ratio of 1.44.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.41 billion. Goodyear Tire & Rubber had a net margin of 1.30% and a return on equity of 5.31%. Goodyear Tire & Rubber’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.10 EPS. On average, equities analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GT has been the topic of several analyst reports. TD Cowen initiated coverage on shares of Goodyear Tire & Rubber in a research note on Friday, March 7th. They issued a “buy” rating and a $14.00 target price on the stock. BNP Paribas Exane raised shares of Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 target price on the stock in a research note on Monday, June 9th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. BNP Paribas raised shares of Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 9th. Finally, Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $14.20.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.