Marshall Wace LLP Has $11.72 Million Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Marshall Wace LLP cut its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 78.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,032,236 shares of the company’s stock after selling 3,694,890 shares during the quarter. Marshall Wace LLP’s holdings in Goodyear Tire & Rubber were worth $11,716,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in GT. Bank of Montreal Can grew its stake in shares of Goodyear Tire & Rubber by 323.6% in the second quarter. Bank of Montreal Can now owns 976,078 shares of the company’s stock worth $11,108,000 after purchasing an additional 745,636 shares during the last quarter. Huber Capital Management LLC lifted its holdings in Goodyear Tire & Rubber by 26.9% during the 2nd quarter. Huber Capital Management LLC now owns 428,042 shares of the company’s stock worth $4,858,000 after buying an additional 90,850 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Goodyear Tire & Rubber by 682.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 487,600 shares of the company’s stock valued at $5,534,000 after buying an additional 425,300 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at about $425,000. Finally, Inspire Investing LLC raised its position in shares of Goodyear Tire & Rubber by 15.9% during the second quarter. Inspire Investing LLC now owns 34,323 shares of the company’s stock worth $390,000 after acquiring an additional 4,717 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $8.77 on Friday. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -3.88 and a beta of 1.70. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $15.24. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. The stock’s 50 day moving average price is $8.89 and its two-hundred day moving average price is $11.04.

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

Goodyear Tire & Rubber 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.