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

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

Several other hedge funds have also added to or reduced their stakes in GT. Norges Bank acquired a new stake in Goodyear Tire & Rubber in the 4th quarter valued at approximately $39,626,000. Maple Rock Capital Partners Inc. bought a new position in Goodyear Tire & Rubber in the fourth quarter valued at approximately $16,875,000. Atlantic Investment Management Inc. bought a new position in Goodyear Tire & Rubber in the fourth quarter valued at approximately $11,803,000. American Century Companies Inc. grew its stake in 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 purchasing an additional 897,463 shares in the last quarter. Finally, Greenvale Capital LLP bought a new position in Goodyear Tire & Rubber in the fourth quarter valued at approximately $6,750,000. Institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT traded down $0.24 on Friday, hitting $10.67. 4,939,517 shares of the company traded hands, compared to its average volume of 5,867,278. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 12.70, a P/E/G ratio of 0.34 and a beta of 1.35. The company has a current ratio of 1.22, a quick ratio of 0.64 and a debt-to-equity ratio of 1.44. The business's 50 day moving average price is $10.97 and its 200-day moving average price is $9.98. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $12.31.

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

Analyst Upgrades and Downgrades

GT has been the subject of several research analyst reports. BNP Paribas upgraded Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 price target for the company in a report on Monday, March 31st. BNP Paribas Exane raised 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. Wall Street Zen cut Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. Finally, JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $14.20.

About Goodyear Tire & Rubber

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.