Wellington Management Group LLP Cuts Stock Position in The Goodyear Tire & Rubber Company $GT

Wellington Management Group LLP cut its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 23.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,099,854 shares of the company’s stock after selling 4,695,304 shares during the quarter. Wellington Management Group LLP owned approximately 5.24% of Goodyear Tire & Rubber worth $99,659,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Goodyear Tire & Rubber during the second quarter worth about $238,776,000. Canada Pension Plan Investment Board purchased a new position in Goodyear Tire & Rubber in the second quarter valued at about $78,278,000. AQR Capital Management LLC grew its position in shares of Goodyear Tire & Rubber by 151.8% during the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after acquiring an additional 5,886,935 shares during the period. Cibc World Market Inc. bought a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at approximately $18,676,000. Finally, Bank of America Corp DE purchased a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth approximately $17,313,000. 84.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on GT. Citigroup lowered their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.26.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $5.99 on Wednesday. The Goodyear Tire & Rubber Company has a one year low of $5.43 and a one year high of $10.62. The business has a fifty day moving average price of $6.61 and a 200-day moving average price of $6.76. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The firm has a market capitalization of $1.72 billion, a P/E ratio of -0.68 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same period in the previous year, the company posted ($0.17) EPS. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, equities research analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Goodyear Tire & Rubber Profile

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.