Rhumbline Advisers Has $8.81 Million Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Rhumbline Advisers cut its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 953,937 shares of the company’s stock after selling 22,018 shares during the quarter. Rhumbline Advisers owned approximately 0.33% of Goodyear Tire & Rubber worth $8,814,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. American Century Companies Inc. lifted its holdings in Goodyear Tire & Rubber by 10.3% during the 4th quarter. American Century Companies Inc. now owns 9,652,329 shares of the company’s stock worth $86,871,000 after buying an additional 897,463 shares during the period. Victory Capital Management Inc. lifted its holdings in Goodyear Tire & Rubber by 8.3% during the 4th quarter. Victory Capital Management Inc. now owns 5,147,744 shares of the company’s stock worth $46,330,000 after buying an additional 396,230 shares during the period. Norges Bank acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $39,626,000. Northern Trust Corp lifted its stake in shares of Goodyear Tire & Rubber by 17.0% in the 4th quarter. Northern Trust Corp now owns 3,941,378 shares of the company’s stock valued at $35,472,000 after purchasing an additional 573,541 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Goodyear Tire & Rubber by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company’s stock valued at $33,648,000 after purchasing an additional 205,629 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Up 1.4%

GT stock opened at $11.94 on Wednesday. The stock’s 50 day simple moving average is $10.58 and its 200 day simple moving average is $9.76. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.27 and a fifty-two week high of $12.58. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The company has a market cap of $3.41 billion, a P/E ratio of 49.75 and a beta of 1.40.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on GT shares. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. BNP Paribas Exane raised Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 price objective on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Monday, March 31st. Argus raised 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. Finally, BNP Paribas raised Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.17.

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.