Cibc World Markets Corp Makes New Investment in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Cibc World Markets Corp bought a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 4th quarter, Holdings Channel reports. The fund bought 26,667 shares of the company’s stock, valued at approximately $240,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Truist Financial Corp increased its stake in Goodyear Tire & Rubber by 5.2% in the 4th 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 in the last quarter. Barclays PLC grew its holdings in Goodyear Tire & Rubber by 158.6% in the third quarter. Barclays PLC now owns 975,634 shares of the company’s stock valued at $8,635,000 after purchasing an additional 598,330 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Goodyear Tire & Rubber by 1.2% in the third quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock valued at $62,438,000 after buying an additional 86,227 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Goodyear Tire & Rubber by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company’s stock worth $33,648,000 after buying an additional 205,629 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Goodyear Tire & Rubber by 28.1% in the 3rd quarter. FMR LLC now owns 842,822 shares of the company’s stock worth $7,459,000 after buying an additional 184,770 shares in the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Down 1.3 %

Shares of NASDAQ GT opened at $9.34 on Wednesday. The firm’s 50 day moving average price is $9.21 and its 200 day moving average price is $9.03. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The firm has a market cap of $2.66 billion, a P/E ratio of 38.92 and a beta of 1.71. The Goodyear Tire & Rubber Company has a 1 year low of $7.27 and a 1 year high of $13.86.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.91 billion. As a group, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on GT. Argus upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Friday, December 20th. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Finally, TD Cowen initiated coverage on Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a “buy” rating and a $14.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.18.

About Goodyear Tire & Rubber

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.