Key Points
London-based Greenvale Capital sold nearly 10.3 million shares of The Goodyear Tire & Rubber Company during the third quarter.
The transaction, worth an estimated $106.3 million, marked a full exit from the tire company.
The position was previously 9% of the fund’s AUM as of the prior quarter.
London-based Greenvale Capital fully exited its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) during the third quarter, reducing its stake by 10,250,000 shares for an estimated $106.3 million, according to a Friday SEC filing.
What Happened
According to a filing with the Securities and Exchange Commission (SEC) on Friday, Greenvale Capital LLP sold its entire stake in The Goodyear Tire & Rubber Company(NASDAQ:GT) during the third quarter. The transaction involved nearly 10.3 million shares and is estimated at $106.29 million based on quarterly average pricing. The fund reported no remaining position in Goodyear as of September 30.
What Else to Know
Top holdings after the filing:
- NASDAQ: RUN: $231.8 million (18.5% of AUM)
- NYSE: RBLX: $148.9 million (11.9% of AUM)
- NYSE: ZETA: $144.1 million (11.5% of AUM)
- NYSE: SN: $129.9 million (10.4% of AUM)
- NASDAQ: VRNS: $99.1 million (7.9% of AUM)
As of Friday, shares were priced at $7.57, down 19% over the past year and far underperforming the S&P 500's 14% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Friday) | $7.57 |
| Market Capitalization | $2.2 billion |
| Revenue (TTM) | $18.3 billion |
| Net Income (TTM) | ($1.7 million) |
Company Snapshot
- Goodyear produces and sells tires for automobiles, trucks, buses, aircraft, motorcycles, off-road, and industrial vehicles, as well as related products and services.
- The company generates revenue through manufacturing, distribution, and retail sales of branded and private-label tires, retreading, and automotive services via a global dealer and retail network.
- It serves a diversified customer base, including independent dealers, regional distributors, commercial fleets, and end consumers worldwide.
The Goodyear Tire & Rubber Company is a leading global tire manufacturer with a broad product portfolio and a presence in multiple end-markets. The company leverages its extensive distribution network and established brand portfolio to drive sales across consumer and commercial segments. Scale, brand recognition, and vertical integration provide competitive advantages in a cyclical and competitive industry.
Foolish Take
Greenvale Capital’s full exit from Goodyear marks a decisive retreat from a company in the midst of a sweeping turnaround. The London-based fund liquidated 10.25 million shares in the third quarter, a sizable divestment that came just before Goodyear’s latest quarterly report revealed progress under its “Goodyear Forward” restructuring plan but continued financial strain.
The November 3 earnings release showed third-quarter net sales of $4.6 billion and an adjusted net income of $82 million, though the company reported a headline net loss of $2.2 billion due to large non-cash charges, including a $1.4 billion deferred tax allowance and $674 million in goodwill impairments. Notably, Goodyear completed $2.2 billion in asset divestitures, including its chemical business and Dunlop brand, to accelerate deleveraging.
For Greenvale, which remains concentrated in high-growth consumer and tech names such as Sunrun and Roblox, the Goodyear sale might reflect a rotation away from cyclical industrials into higher-return segments. The tiremaker’s divestitures may strengthen its balance sheet, but with earnings falling year-over-year, long-term investors might want to see evidence of sustainable earnings growth before buying or re-engaging.
Glossary
13F assets under management: The total value of securities a fund manager reports to the SEC on quarterly Form 13F filings.
Stake: The ownership interest or investment a fund or individual holds in a particular company.
Position: The amount of a specific security or asset held by an investor or fund at a given time.
Quarterly average pricing: The average price of a security over a specific quarter, used for estimating transaction values.
Assets under management (AUM): The total market value of assets that an investment firm manages on behalf of clients.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
52-week high: The highest price at which a security has traded during the previous 52 weeks.
Vertical integration: A company's ownership and control over multiple stages of its supply chain, from production to distribution.
Retreading: The process of refurbishing used tires by replacing worn tread, extending their usable life.
Dealer and retail network: The system of authorized sellers and stores through which a company distributes its products to customers.
End consumers: The final users who purchase and use a product, as opposed to intermediaries or resellers.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Roblox and Varonis Systems. The Motley Fool recommends SharkNinja. The Motley Fool has a disclosure policy.
