The Goodyear Tire & Rubber Company $GT Shares Sold by Newport Trust Company LLC

Newport Trust Company LLC lowered its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 4.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,571,120 shares of the company’s stock after selling 150,937 shares during the quarter. Newport Trust Company LLC’s holdings in Goodyear Tire & Rubber were worth $31,283,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GT. Massachusetts Financial Services Co. MA acquired a new position in Goodyear Tire & Rubber during the third quarter worth about $32,301,000. Wellington Management Group LLP raised its position in Goodyear Tire & Rubber by 11.9% during the third quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock worth $197,333,000 after acquiring an additional 2,796,332 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in Goodyear Tire & Rubber during the third quarter worth about $17,686,000. Bridgeway Capital Management LLC acquired a new position in Goodyear Tire & Rubber during the third quarter worth about $15,280,000. Finally, Invenomic Capital Management LP acquired a new position in Goodyear Tire & Rubber during the third quarter worth about $13,753,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Citigroup cut their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. TD Cowen cut their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Finally, Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $8.54.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT opened at $5.87 on Friday. The company has a market cap of $1.69 billion, a PE ratio of -0.81 and a beta of 1.17. The Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $12.03. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51. The company has a 50-day simple moving average of $6.62 and a 200-day simple moving average of $7.97.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The firm had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the previous year, the firm earned ($0.04) earnings per share. Goodyear Tire & Rubber’s revenue was down 8.7% compared to the same quarter last year. On average, equities analysts anticipate that The Goodyear Tire & Rubber Company will post -0.11 earnings per share for the current 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.