The Goodyear Tire & Rubber Company (NASDAQ:GT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 3.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,972,058 shares of the company's stock after selling 75,214 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of Goodyear Tire & Rubber worth $18,222,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth about $39,626,000. Maple Rock Capital Partners Inc. bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth about $16,875,000. Atlantic Investment Management Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the fourth quarter valued at about $11,803,000. American Century Companies Inc. increased its position in shares of Goodyear Tire & Rubber by 10.3% in the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company's stock valued at $86,871,000 after acquiring an additional 897,463 shares during the last quarter. Finally, Greenvale Capital LLP acquired a new stake in shares of Goodyear Tire & Rubber in the fourth quarter valued at about $6,750,000. Institutional investors and hedge funds own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Up 2.5%

Goodyear Tire & Rubber stock traded up $0.28 during trading hours on Tuesday, hitting $11.29. The stock had a trading volume of 6,459,052 shares, compared to its average volume of 5,879,307. The company has a quick ratio of 0.64, a current ratio of 1.22 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $3.23 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 0.35 and a beta of 1.35. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $12.31. The stock's 50-day moving average price is $10.97 and its 200-day moving average price is $9.99.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.41 billion. Goodyear Tire & Rubber had a net margin of 1.30% and a return on equity of 5.31%. The business's revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. Equities research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $17.00 price target (down previously from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. BNP Paribas upgraded Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. BNP Paribas Exane upgraded Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 price objective for the company in a report on Monday, June 9th. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 price objective for the company in a report on Monday, March 31st. Finally, Wall Street Zen cut Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $14.20.

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.