Geode Capital Management LLC Decreases Stock Position in The Goodyear Tire & Rubber Company $GT

Geode Capital Management LLC decreased its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,991,135 shares of the company’s stock after selling 250,213 shares during the period. Geode Capital Management LLC owned about 2.45% of Goodyear Tire & Rubber worth $72,507,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Goodyear Tire & Rubber during the first quarter valued at about $20,422,000. CenterBook Partners LP purchased a new position in Goodyear Tire & Rubber in the first quarter valued at about $13,413,000. American Century Companies Inc. grew its stake in Goodyear Tire & Rubber by 11.7% during the 1st quarter. American Century Companies Inc. now owns 10,786,387 shares of the company’s stock valued at $99,666,000 after purchasing an additional 1,134,058 shares in the last quarter. AQR Capital Management LLC grew its stake in Goodyear Tire & Rubber by 700.4% during the 1st quarter. AQR Capital Management LLC now owns 1,228,982 shares of the company’s stock valued at $11,233,000 after purchasing an additional 1,075,444 shares in the last quarter. Finally, CSM Advisors LLC purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter worth approximately $7,839,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on GT. BNP Paribas Exane reiterated a “neutral” rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Hsbc Global Res lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. Citigroup cut their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Finally, JPMorgan Chase & Co. decreased their price target on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.36.

Goodyear Tire & Rubber Trading Up 6.0%

NASDAQ GT opened at $8.10 on Friday. The Goodyear Tire & Rubber Company has a one year low of $6.51 and a one year high of $12.03. The company has a 50-day simple moving average of $7.52 and a 200-day simple moving average of $9.27. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. The firm has a market capitalization of $2.32 billion, a PE ratio of 5.70, a price-to-earnings-growth ratio of 2.35 and a beta of 1.32.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.12. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. Goodyear Tire & Rubber’s quarterly revenue was down 3.7% on a year-over-year basis. On average, equities analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

About Goodyear Tire & Rubber

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.