Point72 Asset Management L.P. Trims Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Point72 Asset Management L.P. decreased its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 17.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 850,798 shares of the company’s stock after selling 178,879 shares during the quarter. Point72 Asset Management L.P.’s holdings in Goodyear Tire & Rubber were worth $7,657,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brevan Howard Capital Management LP acquired a new stake in Goodyear Tire & Rubber in the 4th quarter worth about $606,000. Norges Bank purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth about $39,626,000. Capula Management Ltd acquired a new stake in shares of Goodyear Tire & Rubber in the fourth quarter worth approximately $330,000. Truist Financial Corp grew its holdings in Goodyear Tire & Rubber by 5.2% in the fourth quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock valued at $205,000 after purchasing an additional 1,115 shares during the period. Finally, Franklin Resources Inc. increased its position in Goodyear Tire & Rubber by 65.9% during the fourth quarter. Franklin Resources Inc. now owns 224,124 shares of the company’s stock worth $2,017,000 after purchasing an additional 88,993 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on GT. TD Cowen started coverage on shares of Goodyear Tire & Rubber in a report on Friday, March 7th. They issued a “buy” rating and a $14.00 price target on the stock. Argus raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Monday, March 31st. Finally, StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Saturday, May 10th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Goodyear Tire & Rubber currently has a consensus rating of “Moderate Buy” and an average target price of $13.25.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $10.77 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.55 and a debt-to-equity ratio of 1.30. The company has a market cap of $3.08 billion, a PE ratio of 44.88 and a beta of 1.42. The company’s fifty day simple moving average is $9.93 and its 200-day simple moving average is $9.54. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $12.97.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.41 billion. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.10 EPS. As a group, equities research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Goodyear Tire & Rubber 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.