Texas Permanent School Fund Sells 5,318 Shares of Goodyear Tire & Rubber Co (GT)

Texas Permanent School Fund trimmed its position in shares of Goodyear Tire & Rubber Co (NASDAQ:GT) by 9.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,207 shares of the company’s stock after selling 5,318 shares during the period. Texas Permanent School Fund’s holdings in Goodyear Tire & Rubber were worth $1,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Itau Unibanco Holding S.A. raised its holdings in Goodyear Tire & Rubber by 80.7% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 5,279 shares of the company’s stock valued at $123,000 after buying an additional 2,358 shares during the period. Exane Asset Management purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $193,000. Baird Financial Group Inc. purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $209,000. Vident Investment Advisory LLC raised its holdings in Goodyear Tire & Rubber by 33.7% during the 2nd quarter. Vident Investment Advisory LLC now owns 10,101 shares of the company’s stock valued at $235,000 after buying an additional 2,547 shares during the period. Finally, Oakbrook Investments LLC purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $238,000. 88.76% of the stock is currently owned by institutional investors and hedge funds.

GT stock opened at $21.99 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 1.34. Goodyear Tire & Rubber Co has a twelve month low of $19.25 and a twelve month high of $36.07. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of 7.05 and a beta of 1.73.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Friday, October 26th. The company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.08). Goodyear Tire & Rubber had a return on equity of 13.84% and a net margin of 3.11%. The business had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The business’s revenue for the quarter was up .2% on a year-over-year basis. Sell-side analysts predict that Goodyear Tire & Rubber Co will post 2.71 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Wednesday, October 31st. Goodyear Tire & Rubber’s payout ratio is 20.51%.

Several analysts recently weighed in on GT shares. Goldman Sachs Group lowered Goodyear Tire & Rubber from a “neutral” rating to a “sell” rating in a report on Tuesday, July 17th. Berenberg Bank lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $23.00 target price on the stock. in a research note on Friday, August 31st. Wolfe Research began coverage on Goodyear Tire & Rubber in a research note on Tuesday, October 2nd. They issued an “outperform” rating on the stock. BidaskClub lowered Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $32.00 target price on shares of Goodyear Tire & Rubber in a research note on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $27.88.

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About Goodyear Tire & Rubber

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.

Further Reading: Understanding Analyst Ratings

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

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