Is Goodyear Tire & Rubber Co (GT) A Good Stock For Your Portfolio?

Now, some big names have jumped into Goodyear Tire & Rubber Co (NASDAQ:GT) headfirst. Alyeska Investment Group, managed by Anand Parekh, created the largest position in Goodyear Tire & Rubber Co (NASDAQ:GT). Alyeska Investment Group had $91.7 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also initiated a $50.1 million position during the quarter. The other funds with brand new GT positions are David Costen Haley’s HBK Investments, Ken Griffin’s Citadel Investment Group, and Alexander Mitchell’s Scopus Asset Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Goodyear Tire & Rubber Co (NASDAQ:GT) but similarly valued. These stocks are VimpelCom Ltd (ADR) (NYSE:VIP), Turquoise Hill Resources Ltd (NYSE:TRQ), EQT GP Holdings LP (NYSE:EQGP), and Carlisle Companies, Inc. (NYSE:CSL). This group of stocks’ market caps are closest to GT’s market cap.

As you can see these stocks had an average of 16.75 hedge funds with bullish positions and the average amount invested in these stocks was $277 million. That figure was $1712 million in GT’s case. Carlisle Companies, Inc. (NYSE:CSL) is the most popular stock in this table. On the other hand EQT GP Holdings LP (NYSE:EQGP) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Goodyear Tire & Rubber Co (NASDAQ:GT) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None