The Goodyear Tire & Rubber Company $GT Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in The Goodyear Tire & Rubber Company by 1.2%, owning approximately 24.5 million shares valued at $226.3 million.
• Goodyear's recent earnings report revealed a loss of ($0.17) EPS, falling short of analysts' expectations, with revenue also declining by 2.3% year-over-year.
• Analysts have mixed ratings on Goodyear, with one "Strong Buy", three "Buy", and three "Hold" ratings, and a target price averaging $12.80.

Wellington Management Group LLP decreased its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 1.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,489,875 shares of the company's stock after selling 285,650 shares during the quarter. Wellington Management Group LLP owned about 8.59% of Goodyear Tire & Rubber worth $226,286,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in Goodyear Tire & Rubber by 11.7% during the first quarter. American Century Companies Inc. now owns 10,786,387 shares of the company's stock worth $99,666,000 after buying an additional 1,134,058 shares in the last quarter. Victory Capital Management Inc. lifted its position in Goodyear Tire & Rubber by 1.9% during the first quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company's stock worth $48,489,000 after buying an additional 99,933 shares in the last quarter. Northern Trust Corp lifted its position in Goodyear Tire & Rubber by 17.0% during the fourth quarter. Northern Trust Corp now owns 3,941,378 shares of the company's stock worth $35,472,000 after buying an additional 573,541 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Goodyear Tire & Rubber by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company's stock valued at $35,122,000 after purchasing an additional 62,499 shares during the period. Finally, Nuveen LLC purchased a new stake in Goodyear Tire & Rubber in the first quarter valued at $20,422,000. Hedge funds and other institutional investors own 84.19% of the company's stock.

Wall Street Analysts Forecast Growth

GT has been the topic of a number of research analyst reports. BNP Paribas Exane restated a "neutral" rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reduced their target price on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. JPMorgan Chase & Co. restated an "overweight" rating and issued a $17.00 target price (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Hsbc Global Res downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Finally, HSBC restated a "hold" rating and issued a $9.50 target price (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.25.

Goodyear Tire & Rubber Trading Down 0.5%

Shares of NASDAQ GT traded down $0.0450 during trading on Monday, reaching $8.6050. The stock had a trading volume of 1,435,575 shares, compared to its average volume of 6,524,447. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.27 and a fifty-two week high of $12.03. 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 business's 50-day moving average price is $10.21 and its 200-day moving average price is $10.10. The company has a market cap of $2.46 billion, a P/E ratio of 6.07, a PEG ratio of 0.76 and a beta of 1.37.

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

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.