The Goodyear Tire & Rubber Company (NASDAQ:GT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 3.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,972,058 shares of the company’s stock after selling 75,214 shares during the period. Bank of New York Mellon Corp owned 0.69% of Goodyear Tire & Rubber worth $18,222,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in Goodyear Tire & Rubber by 1.0% in the first quarter. Principal Financial Group Inc. now owns 660,560 shares of the company’s stock valued at $6,104,000 after acquiring an additional 6,296 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Goodyear Tire & Rubber during the first quarter worth approximately $366,000. Sippican Capital Advisors boosted its position in shares of Goodyear Tire & Rubber by 89.1% during the first quarter. Sippican Capital Advisors now owns 176,948 shares of the company’s stock worth $1,635,000 after buying an additional 83,363 shares during the period. Vontobel Holding Ltd. boosted its position in shares of Goodyear Tire & Rubber by 60.2% during the first quarter. Vontobel Holding Ltd. now owns 46,313 shares of the company’s stock worth $428,000 after buying an additional 17,405 shares during the period. Finally, New York State Teachers Retirement System boosted its position in shares of Goodyear Tire & Rubber by 2.6% during the first quarter. New York State Teachers Retirement System now owns 295,375 shares of the company’s stock worth $2,729,000 after buying an additional 7,608 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $10.67 on Friday. The company’s fifty day moving average is $10.97 and its two-hundred day moving average is $9.97. The company has a quick ratio of 0.64, a current ratio of 1.22 and a debt-to-equity ratio of 1.44. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $12.31. The company has a market cap of $3.05 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.34 and a beta of 1.35.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. Goodyear Tire & Rubber had a net margin of 1.30% and a return on equity of 5.31%. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.41 billion. During the same period in the previous year, the business earned $0.10 EPS. The company’s revenue was down 6.3% on a year-over-year basis. Equities analysts expect that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

GT has been the topic of several recent analyst reports. BNP Paribas raised Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a report on Monday, June 9th. BNP Paribas Exane raised Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 target price on the stock in a report on Monday, June 9th. Wall Street Zen cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Saturday, May 10th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $17.00 target price (down previously from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Monday, March 31st. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Goodyear Tire & Rubber currently has an average rating of “Buy” and a consensus target price of $14.20.

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.