JPMorgan Chase & Co. decreased its position in shares of Goodyear Tire & Rubber Co (NASDAQ:GT) by 80.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 401,817 shares of the company’s stock after selling 1,661,456 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.16% of Goodyear Tire & Rubber worth $13,284,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Legal & General Group Plc boosted its position in Goodyear Tire & Rubber by 6.5% in the 3rd quarter. Legal & General Group Plc now owns 1,436,702 shares of the company’s stock valued at $47,767,000 after buying an additional 87,680 shares during the period. BBT Capital Management LLC bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth approximately $6,650,000. MUFG Securities EMEA plc acquired a new position in Goodyear Tire & Rubber during the 3rd quarter valued at approximately $15,827,000. Olstein Capital Management L.P. increased its stake in Goodyear Tire & Rubber by 35.9% during the 3rd quarter. Olstein Capital Management L.P. now owns 227,000 shares of the company’s stock valued at $7,548,000 after purchasing an additional 60,000 shares in the last quarter. Finally, Norinchukin Bank The increased its stake in Goodyear Tire & Rubber by 3.3% during the 3rd quarter. Norinchukin Bank The now owns 68,197 shares of the company’s stock valued at $2,268,000 after purchasing an additional 2,182 shares in the last quarter. Institutional investors own 94.64% of the company’s stock.
Goodyear Tire & Rubber Co (GT) traded up $0.32 during midday trading on Friday, hitting $33.91. 4,300,000 shares of the stock traded hands, compared to its average volume of 2,650,000. Goodyear Tire & Rubber Co has a twelve month low of $28.81 and a twelve month high of $37.20. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $8,350.00, a price-to-earnings ratio of 8.76, a price-to-earnings-growth ratio of 0.71 and a beta of 1.53.
Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Friday, October 27th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.03. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.91 billion. Goodyear Tire & Rubber had a net margin of 6.67% and a return on equity of 15.88%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.17 earnings per share. analysts forecast that Goodyear Tire & Rubber Co will post 2.88 EPS for the current fiscal year.
A number of research firms have recently weighed in on GT. Zacks Investment Research upgraded shares of Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research note on Tuesday. Jefferies Group reissued a “buy” rating and set a $36.00 price target on shares of Goodyear Tire & Rubber in a report on Thursday, October 12th. Guggenheim downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and set a $39.00 price target on the stock. in a report on Wednesday, November 1st. BidaskClub raised shares of Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a report on Saturday, October 21st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Goodyear Tire & Rubber from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $37.70.
In other news, SVP Jean Claude Kihn sold 7,500 shares of Goodyear Tire & Rubber stock in a transaction on Friday, December 1st. The shares were sold at an average price of $32.12, for a total value of $240,900.00. Following the transaction, the senior vice president now directly owns 51,848 shares of the company’s stock, valued at approximately $1,665,357.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by insiders.
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Goodyear Tire & Rubber Profile
The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.
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