Bank of Montreal Can Raises Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Bank of Montreal Can boosted its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 323.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 976,078 shares of the company’s stock after buying an additional 745,636 shares during the period. Bank of Montreal Can owned approximately 0.34% of Goodyear Tire & Rubber worth $11,108,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GT. Tidal Investments LLC raised its position in shares of Goodyear Tire & Rubber by 41.6% during the 1st quarter. Tidal Investments LLC now owns 63,967 shares of the company’s stock valued at $878,000 after buying an additional 18,790 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Goodyear Tire & Rubber by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,715,149 shares of the company’s stock valued at $30,817,000 after buying an additional 71,410 shares in the last quarter. National Bank of Canada FI lifted its position in Goodyear Tire & Rubber by 2,944.7% in the 1st quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock worth $21,600,000 after buying an additional 1,611,966 shares during the last quarter. Edgestream Partners L.P. boosted its stake in Goodyear Tire & Rubber by 1,011.8% in the second quarter. Edgestream Partners L.P. now owns 634,077 shares of the company’s stock worth $7,197,000 after buying an additional 577,045 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its position in Goodyear Tire & Rubber by 132.2% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 224,158 shares of the company’s stock valued at $3,077,000 after acquiring an additional 127,610 shares during the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock opened at $8.77 on Monday. The company’s fifty day simple moving average is $8.89 and its two-hundred day simple moving average is $11.03. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $15.24. The firm has a market cap of $2.50 billion, a PE ratio of -3.88 and a beta of 1.70. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.10. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period last year, the company earned ($0.34) EPS. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts expect that The Goodyear Tire & Rubber Company will post 1.06 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GT shares. StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Morgan Stanley initiated coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They set an “equal weight” rating and a $14.00 price objective on the stock. Finally, Wolfe Research cut Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.