Hedge Funds Aren’t Crazy About The Goodyear Tire & Rubber Company (GT) Anymore

Judging by the fact that The Goodyear Tire & Rubber Company (NASDAQ:GT) has faced falling interest from the smart money, logic holds that there were a few hedgies who sold off their full holdings last quarter. Interestingly, Jim Simons’s Renaissance Technologies sold off the biggest position of the 700 funds followed by Insider Monkey, worth an estimated $8.2 million in stock, and Colin Hall and James Davidson’s Long Oar Global Investors was right behind this move, as the fund said goodbye to about $4.5 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest fell by 6 funds last quarter.

Let’s check out hedge fund activity in other stocks similar to The Goodyear Tire & Rubber Company (NASDAQ:GT). These stocks are Mettler-Toledo International Inc. (NYSE:MTD), KLA-Tencor Corporation (NASDAQ:KLAC), Interpublic Group of Companies Inc (NYSE:IPG), and Fitbit Inc (NYSE:FIT). This group of stocks’ market caps resemble GT’s market cap.

As you can see these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $727 million. That figure was $1.71 million in GT’s case. Interpublic Group of Companies Inc (NYSE:IPG) is the most popular stock in this table, while Fitbit Inc (NYSE:FIT) is the least popular one with only 20 bullish hedge fund positions. The Goodyear Tire & Rubber Company (NASDAQ:GT) is not the most popular stock in this group but hedge fund interest is still above average. However, the funds we track have amassed $1.71 billion worth of GT’s stock. This is a slightly positive signal, and the stock might represent a good investment, although we’d rather spend our time researching stocks that hedge funds are piling on such as IPG.