Northern Trust Corp Cuts Stake in The Goodyear Tire & Rubber Company $GT

Key Points

• Northern Trust Corp reduced its holdings in The Goodyear Tire & Rubber Company by 1.2%, now owning approximately 1.37% of the company with a value of $35.97 million.
• Goodyear reported a loss of $0.17 earnings per share for the last quarter, missing analyst expectations, with revenue also slightly below projections at $4.47 billion.
• Various brokerages have revised their ratings on Goodyear, with price targets now ranging from $9.00 to $17.00, reflecting a cautious outlook on the stock.

Northern Trust Corp lessened its position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 1.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,892,875 shares of the company's stock after selling 48,503 shares during the period. Northern Trust Corp owned approximately 1.37% of Goodyear Tire & Rubber worth $35,970,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Century Companies Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 11.7% in the first 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. Victory Capital Management Inc. grew its stake in shares of Goodyear Tire & Rubber by 1.9% during the 1st quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company's stock valued at $48,489,000 after buying an additional 99,933 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Goodyear Tire & Rubber by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company's stock worth $35,122,000 after purchasing an additional 62,499 shares during the period. Nuveen LLC purchased a new stake in Goodyear Tire & Rubber during the first quarter worth approximately $20,422,000. Finally, Maple Rock Capital Partners Inc. purchased a new stake in shares of Goodyear Tire & Rubber in the fourth quarter worth about $16,875,000. 84.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. BNP Paribas Exane reaffirmed a "neutral" rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. Wall Street Zen cut Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Deutsche Bank Aktiengesellschaft dropped their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. BNP Paribas cut shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. Finally, Hsbc Global Res cut shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.25.

Goodyear Tire & Rubber Price Performance

Shares of GT traded up $0.02 during trading hours on Wednesday, reaching $8.41. 4,242,372 shares of the company's stock traded hands, compared to its average volume of 6,504,012. The firm's 50 day simple moving average is $9.94 and its 200-day simple moving average is $10.09. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24. The stock has a market cap of $2.40 billion, a PE ratio of 5.93, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37. The Goodyear Tire & Rubber Company has a 12 month low of $7.27 and a 12 month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). The business had revenue of $4.47 billion for the quarter, compared to analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The business's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.19 earnings per share. Equities analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Goodyear Tire & Rubber 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.