Swiss National Bank Trims Stake in The Goodyear Tire & Rubber Company $GT

Swiss National Bank lowered its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 524,358 shares of the company’s stock after selling 7,600 shares during the quarter. Swiss National Bank owned approximately 0.18% of Goodyear Tire & Rubber worth $4,845,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Maple Rock Capital Partners Inc. purchased a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth about $16,875,000. CenterBook Partners LP purchased a new stake in shares of Goodyear Tire & Rubber during the first quarter worth about $13,413,000. Atlantic Investment Management Inc. acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at approximately $11,803,000. Greenvale Capital LLP bought a new position in Goodyear Tire & Rubber during the 4th quarter valued at $6,750,000. Finally, Marshall Wace LLP raised its stake in Goodyear Tire & Rubber by 883.9% during the fourth quarter. Marshall Wace LLP now owns 716,414 shares of the company’s stock valued at $6,448,000 after buying an additional 643,597 shares in the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GT has been the topic of a number of research reports. BNP Paribas cut Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 8th. Wall Street Zen lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Saturday, May 10th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $17.00 price target (down previously from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Finally, BNP Paribas Exane restated a “neutral” rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.80.

Goodyear Tire & Rubber Price Performance

NASDAQ GT opened at $8.50 on Wednesday. The Goodyear Tire & Rubber Company has a 12 month low of $7.27 and a 12 month high of $12.03. The firm has a market capitalization of $2.43 billion, a PE ratio of 5.99, a P/E/G ratio of 0.74 and a beta of 1.37. The company’s 50 day simple moving average is $10.38 and its 200 day simple moving average is $10.09. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The firm had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the previous year, the business posted $0.19 earnings per share. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, equities research analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

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.