Vanguard Group Inc. Decreases Holdings in The Goodyear Tire & Rubber Company $GT

Key Points

• Vanguard Group trimmed its Goodyear Tire & Rubber stake by 1.0% in the fourth quarter, but it remains a major holder with 27.7 million shares worth about $242.5 million.
• Goodyear shares were down 5.1% to $6.51, near their 12-month low, as the stock continues to trade below its 50-day and 200-day moving averages.
• The company’s latest quarterly results beat expectations on EPS and revenue, but sales still fell 8.7% year over year; analysts currently have a consensus Hold rating with an average price target of $8.83.

Vanguard Group Inc. decreased its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 1.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,681,864 shares of the company's stock after selling 268,612 shares during the period. Vanguard Group Inc. owned 9.67% of Goodyear Tire & Rubber worth $242,493,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its position in Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock valued at $177,000 after acquiring an additional 1,011 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Goodyear Tire & Rubber by 11.5% during the fourth quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company's stock valued at $98,000 after acquiring an additional 1,152 shares during the last quarter. Cidel Asset Management Inc. lifted its position in Goodyear Tire & Rubber by 14.5% during the fourth quarter. Cidel Asset Management Inc. now owns 12,392 shares of the company's stock valued at $109,000 after acquiring an additional 1,570 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its position in Goodyear Tire & Rubber by 29.2% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,749 shares of the company's stock valued at $68,000 after acquiring an additional 1,749 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC lifted its position in Goodyear Tire & Rubber by 18.0% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 12,376 shares of the company's stock valued at $109,000 after acquiring an additional 1,884 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company's stock.

Goodyear Tire & Rubber Trading Down 5.1%

NASDAQ GT opened at $6.51 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.54 and a debt-to-equity ratio of 1.66. The company has a fifty day simple moving average of $7.04 and a two-hundred day simple moving average of $8.06. The Goodyear Tire & Rubber Company has a 12-month low of $6.14 and a 12-month high of $12.03. The stock has a market cap of $1.87 billion, a P/E ratio of -0.90, a P/E/G ratio of 0.63 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $3.81 billion. During the same quarter last year, the company posted ($0.04) earnings per share. The firm's revenue was down 8.7% compared to the same quarter last year. On average, analysts forecast that The Goodyear Tire & Rubber Company will post 0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Citigroup decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday. TD Cowen decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. JPMorgan Chase & Co. decreased their price target on shares of Goodyear Tire & Rubber from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, April 23rd. Wall Street Zen cut shares of Goodyear Tire & Rubber from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Goodyear Tire & Rubber from $12.00 to $9.00 and set a "buy" rating for the company in a report on Thursday, April 16th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of "Hold" and a consensus price target of $8.83.

About Goodyear Tire & Rubber

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.

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