The Goodyear Tire & Rubber Company (NASDAQ:GT) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC reduced its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 4.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 26,415 shares of the company’s stock after selling 1,327 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Goodyear Tire & Rubber were worth $300,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in GT. Wellington Management Group LLP boosted its position in shares of Goodyear Tire & Rubber by 48.2% during the 4th quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock worth $214,499,000 after purchasing an additional 4,870,381 shares in the last quarter. Norges Bank purchased a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth $66,842,000. National Bank of Canada FI boosted its position in shares of Goodyear Tire & Rubber by 2,944.7% during the 1st quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock worth $21,600,000 after purchasing an additional 1,611,966 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Goodyear Tire & Rubber by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after buying an additional 765,529 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Goodyear Tire & Rubber by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 16,501,327 shares of the company’s stock worth $236,302,000 after buying an additional 557,038 shares in the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Price Performance

NASDAQ:GT opened at $8.89 on Monday. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -3.93 and a beta of 1.74. The company has a current ratio of 1.06, a quick ratio of 0.60 and a debt-to-equity ratio of 1.41. The company’s 50-day moving average is $10.44 and its two-hundred day moving average is $11.75. The Goodyear Tire & Rubber Company has a 12-month low of $7.63 and a 12-month high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.34) EPS. Research analysts expect that The Goodyear Tire & Rubber Company will post 1.2 EPS for the current year.

Analysts Set New Price Targets

GT has been the topic of several recent research reports. HSBC decreased their price objective on shares of Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber in a research report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price objective on the stock. Finally, StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Thursday, May 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.23.

Goodyear Tire & Rubber Company Profile

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, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.