Newport Trust Company LLC Lowers Position in The Goodyear Tire & Rubber Company $GT

Key Points

• Newport Trust Company LLC reduced its stake in Goodyear Tire & Rubber by 2.7%, holding 3,809,245 shares worth approximately $35.2 million after selling over 107,000 shares.
• Goodyear's latest earnings report showed a loss of ($0.17) EPS, missing estimates, with revenues of $4.47 billion, down 2.3% year-over-year.
• Wall Street analysts have adjusted their price targets for Goodyear stock, with estimates ranging from $9.00 to $17.00, reflecting a consensus rating of "Moderate Buy".

Newport Trust Company LLC lessened its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 2.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,809,245 shares of the company's stock after selling 107,391 shares during the period. Newport Trust Company LLC owned 1.34% of Goodyear Tire & Rubber worth $35,197,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GT. Nuveen LLC bought a new position in shares of Goodyear Tire & Rubber in the 1st quarter valued at $20,422,000. Maple Rock Capital Partners Inc. acquired a new stake in shares of Goodyear Tire & Rubber during the 4th quarter valued at $16,875,000. CenterBook Partners LP acquired a new stake in shares of Goodyear Tire & Rubber during the 1st quarter valued at $13,413,000. Atlantic Investment Management Inc. acquired a new stake in shares of Goodyear Tire & Rubber during the 4th quarter valued at $11,803,000. Finally, American Century Companies Inc. boosted its holdings in shares of 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 acquiring an additional 1,134,058 shares in the last quarter. Institutional investors own 84.19% of the company's stock.

Wall Street Analyst Weigh In

GT has been the topic of several recent research reports. Hsbc Global Res downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. HSBC reissued a "hold" rating and set a $9.50 price objective (down previously from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. BNP Paribas downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. Wall Street Zen downgraded Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of "Moderate Buy" and a consensus price target of $12.25.

Goodyear Tire & Rubber Price Performance

GT traded up $0.11 during trading on Wednesday, reaching $8.59. The stock had a trading volume of 2,350,094 shares, compared to its average volume of 6,520,326. The stock has a market cap of $2.46 billion, a PE ratio of 6.05, a PEG ratio of 0.75 and a beta of 1.37. 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 Goodyear Tire & Rubber Company has a one year low of $7.27 and a one year high of $12.03. The business has a 50-day moving average of $10.13 and a 200-day moving average of $10.09.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). The firm had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.50 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The firm's revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 EPS. As a group, equities research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Goodyear Tire & Rubber Company 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.