Newport Trust Co Reduces Holdings in Goodyear Tire & Rubber Co (GT)

Newport Trust Co lowered its stake in Goodyear Tire & Rubber Co (NASDAQ:GT) by 1.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,195,863 shares of the company’s stock after selling 33,581 shares during the period. Goodyear Tire & Rubber accounts for approximately 0.2% of Newport Trust Co’s holdings, making the stock its 29th biggest position. Newport Trust Co’s holdings in Goodyear Tire & Rubber were worth $74,751,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of GT. Bank of Montreal Can raised its position in Goodyear Tire & Rubber by 50.1% in the second quarter. Bank of Montreal Can now owns 182,968 shares of the company’s stock worth $4,261,000 after purchasing an additional 61,048 shares in the last quarter. Retirement Systems of Alabama raised its position in Goodyear Tire & Rubber by 7.6% in the second quarter. Retirement Systems of Alabama now owns 335,065 shares of the company’s stock worth $7,804,000 after purchasing an additional 23,717 shares in the last quarter. Oakbrook Investments LLC acquired a new position in Goodyear Tire & Rubber in the second quarter worth about $238,000. Municipal Employees Retirement System of Michigan raised its position in Goodyear Tire & Rubber by 22.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 23,050 shares of the company’s stock worth $536,000 after purchasing an additional 4,270 shares in the last quarter. Finally, Cornerstone Wealth Management LLC acquired a new position in Goodyear Tire & Rubber in the second quarter worth about $913,000. 87.96% of the stock is currently owned by institutional investors.

NASDAQ GT opened at $22.67 on Friday. The company has a market cap of $5.28 billion, a PE ratio of 7.27 and a beta of 1.73. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.34 and a quick ratio of 0.76. Goodyear Tire & Rubber Co has a 1-year low of $19.25 and a 1-year high of $36.07.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, October 26th. The company reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.08). The firm had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.95 billion. Goodyear Tire & Rubber had a return on equity of 13.84% and a net margin of 3.11%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 EPS. Equities analysts predict that Goodyear Tire & Rubber Co will post 2.54 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $0.56 annualized dividend and a dividend yield of 2.47%. Goodyear Tire & Rubber’s dividend payout ratio (DPR) is currently 20.51%.

Several research analysts recently issued reports on the stock. BidaskClub raised shares of Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research report on Thursday, November 15th. Zacks Investment Research lowered shares of Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Monday. Argus dropped their price objective on shares of Goodyear Tire & Rubber to $30.00 and set an “average” rating for the company in a report on Monday, August 6th. They noted that the move was a valuation call. Morgan Stanley dropped their price objective on shares of Goodyear Tire & Rubber from $23.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, November 14th. Finally, ValuEngine raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Thursday, November 15th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Goodyear Tire & Rubber presently has a consensus rating of “Hold” and a consensus target price of $27.75.

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Goodyear Tire & Rubber Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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Institutional Ownership by Quarter for Goodyear Tire & Rubber (NASDAQ:GT)

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