Bank of Montreal Can Trims Holdings in Goodyear Tire & Rubber Co (NASDAQ:GT)

Bank of Montreal Can cut its stake in Goodyear Tire & Rubber Co (NASDAQ:GT) by 67.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 133,503 shares of the company’s stock after selling 282,297 shares during the quarter. Bank of Montreal Can owned about 0.06% of Goodyear Tire & Rubber worth $1,141,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in GT. Invesco Ltd. lifted its stake in Goodyear Tire & Rubber by 157.1% during the first quarter. Invesco Ltd. now owns 2,714,927 shares of the company’s stock worth $15,800,000 after purchasing an additional 1,658,766 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Goodyear Tire & Rubber by 284.1% during the first quarter. Squarepoint Ops LLC now owns 1,865,636 shares of the company’s stock worth $10,858,000 after purchasing an additional 1,379,899 shares during the last quarter. BlackRock Inc. lifted its stake in Goodyear Tire & Rubber by 4.0% during the first quarter. BlackRock Inc. now owns 26,044,978 shares of the company’s stock worth $151,582,000 after purchasing an additional 1,001,516 shares during the last quarter. Deutsche Bank AG grew its position in Goodyear Tire & Rubber by 1,754.6% during the 1st quarter. Deutsche Bank AG now owns 868,149 shares of the company’s stock worth $5,053,000 after acquiring an additional 821,339 shares during the last quarter. Finally, Boothe Investment Group Inc. purchased a new position in Goodyear Tire & Rubber in the 2nd quarter worth approximately $6,150,000. Institutional investors own 79.30% of the company’s stock.

Shares of NASDAQ GT opened at $9.62 on Wednesday. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.64 and a current ratio of 1.17. The company has a market cap of $2.24 billion, a P/E ratio of -1.39 and a beta of 2.09. The firm’s fifty day moving average is $9.61 and its two-hundred day moving average is $8.28. Goodyear Tire & Rubber Co has a 52-week low of $4.09 and a 52-week high of $17.20.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Friday, July 31st. The company reported ($1.87) EPS for the quarter, topping analysts’ consensus estimates of ($2.11) by $0.24. Goodyear Tire & Rubber had a negative net margin of 12.73% and a negative return on equity of 10.48%. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same period last year, the company posted $0.25 EPS. The business’s revenue was down 41.0% on a year-over-year basis. As a group, analysts forecast that Goodyear Tire & Rubber Co will post -2.37 EPS for the current fiscal year.

Several research analysts have recently issued reports on GT shares. ValuEngine cut shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 1st. BidaskClub upgraded shares of Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Nomura cut shares of Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating in a report on Monday, August 3rd. Nine investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Goodyear Tire & Rubber presently has an average rating of “Hold” and an average price target of $10.94.

About Goodyear Tire & Rubber

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

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Institutional Ownership by Quarter for Goodyear Tire & Rubber (NASDAQ:GT)

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