The Goodyear Tire & Rubber Company (NASDAQ:GT) Shares Sold by Comerica Bank

Comerica Bank cut its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,559 shares of the company’s stock after selling 4,824 shares during the period. Comerica Bank’s holdings in Goodyear Tire & Rubber were worth $797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank purchased a new position in Goodyear Tire & Rubber in the fourth quarter valued at $39,626,000. Capula Management Ltd acquired a new stake in Goodyear Tire & Rubber during the fourth quarter worth approximately $330,000. Truist Financial Corp grew its position in shares of 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 buying an additional 1,115 shares during the last quarter. Franklin Resources Inc. raised its stake in Goodyear Tire & Rubber by 65.9% during the 4th quarter. Franklin Resources Inc. now owns 224,124 shares of the company’s stock worth $2,017,000 after acquiring an additional 88,993 shares in the last quarter. Finally, Barclays PLC lifted its position 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 acquiring an additional 598,330 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Argus upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Tuesday, February 18th. TD Cowen started coverage on shares of Goodyear Tire & Rubber in a research note on Friday, March 7th. They issued a “buy” rating and a $14.00 price objective on the stock. 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 report on Monday, March 31st. Finally, StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $13.25.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ GT opened at $11.29 on Wednesday. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $13.21. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 47.04 and a beta of 1.42. 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’s 50-day moving average price is $9.85 and its 200 day moving average price is $9.47.

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

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.