Newport Trust Co raised its position in Goodyear Tire & Rubber Co (NASDAQ:GT) by 2.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,381,382 shares of the company’s stock after purchasing an additional 87,414 shares during the period. Newport Trust Co owned 1.45% of Goodyear Tire & Rubber worth $48,709,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in GT. Parallel Advisors LLC increased its stake in shares of Goodyear Tire & Rubber by 547.1% in the 3rd quarter. Parallel Advisors LLC now owns 2,155 shares of the company’s stock worth $31,000 after acquiring an additional 1,822 shares during the last quarter. Howe & Rusling Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter worth $50,000. HM Payson & Co. acquired a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth $58,000. Smithfield Trust Co. acquired a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter worth $72,000. Finally, Employers Holdings Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth $106,000. Institutional investors own 81.68% of the company’s stock.
Shares of NASDAQ:GT traded up $0.25 during midday trading on Friday, reaching $17.08. 2,373,700 shares of the company’s stock were exchanged, compared to its average volume of 4,057,321. The firm’s 50 day simple moving average is $14.86 and its two-hundred day simple moving average is $14.66. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.33 and a quick ratio of 0.75. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 7.36 and a beta of 1.77. Goodyear Tire & Rubber Co has a fifty-two week low of $10.74 and a fifty-two week high of $23.95.
Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Friday, October 25th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.07). The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.92 billion. Goodyear Tire & Rubber had a return on equity of 6.50% and a net margin of 1.28%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 earnings per share. Equities research analysts predict that Goodyear Tire & Rubber Co will post 1.45 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 1st will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Thursday, October 31st. Goodyear Tire & Rubber’s payout ratio is 27.59%.
GT has been the subject of a number of recent research reports. Northcoast Research downgraded Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 29th. BidaskClub raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Saturday, October 19th. ValuEngine raised Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Citigroup cut their target price on Goodyear Tire & Rubber from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Finally, BNP Paribas started coverage on Goodyear Tire & Rubber in a research note on Friday, August 16th. They issued an “outperform” rating and a $10.00 target price for the company. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus target price of $16.46.
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. The company 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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