State of Tennessee Treasury Department trimmed its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 17.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 178,868 shares of the company’s stock after selling 37,052 shares during the quarter. State of Tennessee Treasury Department owned approximately 0.07% of The Goodyear Tire & Rubber worth $6,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Pioneer Investment Management Inc. lifted its holdings in shares of The Goodyear Tire & Rubber by 0.7% during the 1st quarter. Pioneer Investment Management Inc. now owns 1,448,785 shares of the company’s stock valued at $52,156,000 after buying an additional 10,572 shares during the last quarter. Parkwood LLC lifted its holdings in shares of The Goodyear Tire & Rubber by 19.2% during the 1st quarter. Parkwood LLC now owns 23,982 shares of the company’s stock valued at $863,000 after buying an additional 3,860 shares during the last quarter. Mutual of America Capital Management LLC lifted its holdings in shares of The Goodyear Tire & Rubber by 19.7% during the 1st quarter. Mutual of America Capital Management LLC now owns 33,711 shares of the company’s stock valued at $1,214,000 after buying an additional 5,539 shares during the last quarter. Bar Harbor Trust Services lifted its holdings in shares of The Goodyear Tire & Rubber by 4.8% during the 1st quarter. Bar Harbor Trust Services now owns 121,079 shares of the company’s stock valued at $4,359,000 after buying an additional 5,533 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of The Goodyear Tire & Rubber by 602.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,295,362 shares of the company’s stock valued at $46,633,000 after buying an additional 1,110,842 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

GT has been the subject of several research reports. BidaskClub lowered The Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Guggenheim initiated coverage on The Goodyear Tire & Rubber in a report on Wednesday, June 21st. They set a “buy” rating and a $39.00 price target for the company. Zacks Investment Research lowered The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Jefferies Group LLC upgraded The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Tuesday, June 20th. Finally, CLSA initiated coverage on The Goodyear Tire & Rubber in a report on Wednesday, June 21st. They set a “buy” rating and a $39.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The Goodyear Tire & Rubber currently has an average rating of “Hold” and an average price target of $38.10.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of U.S. and international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/09/10/state-of-tennessee-treasury-department-trims-stake-in-the-goodyear-tire-rubber-company-gt.html.

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) opened at 30.31 on Friday. The company has a 50-day moving average price of $31.27 and a 200 day moving average price of $34.07. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of 6.60 and a beta of 1.54. The Goodyear Tire & Rubber Company has a 12-month low of $26.82 and a 12-month high of $37.20.

The Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Friday, July 28th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.75 by $0.05. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period last year, the company posted $1.16 earnings per share. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. Equities research analysts expect that The Goodyear Tire & Rubber Company will post $3.04 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $0.40 annualized dividend and a yield of 1.32%. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is presently 8.77%.

In related news, insider Stephen R. Mcclellan sold 6,250 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $35.46, for a total transaction of $221,625.00. Following the completion of the transaction, the insider now directly owns 71,849 shares of the company’s stock, valued at $2,547,765.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 6,751 shares of company stock valued at $236,741 over the last three months. Insiders own 1.40% of the company’s stock.

The Goodyear Tire & Rubber Profile

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

Want to see what other hedge funds are holding GT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Goodyear Tire & Rubber Company (NASDAQ:GT).

Institutional Ownership by Quarter for The Goodyear Tire & Rubber (NASDAQ:GT)

Receive News & Stock Ratings for The Goodyear Tire & Rubber Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Goodyear Tire & Rubber Company and related stocks with our FREE daily email newsletter.