Wellington Management Group LLP Trims Stake in The Goodyear Tire & Rubber Company $GT

Wellington Management Group LLP lowered its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 23.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 15,099,854 shares of the company’s stock after selling 4,695,304 shares during the period. Wellington Management Group LLP owned about 0.05% of Goodyear Tire & Rubber worth $99,659,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Focus Partners Wealth bought a new stake in Goodyear Tire & Rubber during the third quarter valued at $25,000. EFG International AG purchased a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $26,000. Los Angeles Capital Management LLC purchased a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $26,000. Allworth Financial LP bought a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Goodyear Tire & Rubber by 656.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after acquiring an additional 5,248 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GT. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Citigroup cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. JPMorgan Chase & Co. increased their price target on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock opened at $5.99 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92. The firm has a market capitalization of $1.72 billion, a PE ratio of -0.68 and a beta of 1.12. The business’s 50-day moving average price is $6.61 and its 200-day moving average price is $6.76. The Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.Goodyear Tire & Rubber’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) EPS. Sell-side analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current fiscal year.

Goodyear Tire & Rubber Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.