Wellington Management Group LLP Cuts Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Wellington Management Group LLP reduced its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,775,525 shares of the company’s stock after selling 478,164 shares during the quarter. Wellington Management Group LLP owned approximately 0.09% of Goodyear Tire & Rubber worth $222,980,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings 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 worth $86,871,000 after purchasing an additional 897,463 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Goodyear Tire & Rubber by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock worth $62,438,000 after purchasing an additional 86,227 shares in the last quarter. Victory Capital Management Inc. grew its stake in Goodyear Tire & Rubber by 8.3% during the 4th quarter. Victory Capital Management Inc. now owns 5,147,744 shares of the company’s stock worth $46,330,000 after buying an additional 396,230 shares during the last quarter. Norges Bank acquired a new position in Goodyear Tire & Rubber during the 4th quarter valued at about $39,626,000. Finally, Charles Schwab Investment Management Inc. increased its position in Goodyear Tire & Rubber by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company’s stock valued at $33,648,000 after buying an additional 205,629 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Up 2.0 %

GT stock opened at $9.12 on Thursday. The company has a market capitalization of $2.60 billion, a P/E ratio of 38.00 and a beta of 1.49. The Goodyear Tire & Rubber Company has a 12 month low of $7.27 and a 12 month high of $13.78. The firm’s fifty day simple moving average is $9.18 and its 200-day simple moving average is $9.08. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.10. The company had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.91 billion. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. As a group, equities research analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Analyst Ratings Changes

GT has been the topic of a number of research analyst reports. TD Cowen initiated coverage on Goodyear Tire & Rubber in a research note on Friday, March 7th. They set a “buy” rating and a $14.00 price target on the stock. Argus upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Tuesday, February 18th. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Monday. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.78.

Goodyear Tire & Rubber Company Profile

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.