Principal Financial Group Inc. Sells 121,342 Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT)

Principal Financial Group Inc. decreased its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 11.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 954,782 shares of the company’s stock after selling 121,342 shares during the period. Principal Financial Group Inc. owned about 0.34% of Goodyear Tire & Rubber worth $10,837,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Newbridge Financial Services Group Inc. purchased a new position in Goodyear Tire & Rubber in the 4th quarter worth about $28,000. Family Firm Inc. bought a new stake in shares of Goodyear Tire & Rubber during the second quarter valued at approximately $26,000. Jones Financial Companies Lllp bought a new stake in shares of Goodyear Tire & Rubber during the fourth quarter valued at approximately $33,000. Mather Group LLC. grew its stake in Goodyear Tire & Rubber by 4,526.3% in the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after purchasing an additional 2,580 shares in the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new position in Goodyear Tire & Rubber in the second quarter worth approximately $40,000. 84.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Friday. Finally, Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber in a research report on Thursday, June 13th. They set an “equal weight” rating and a $14.00 target price on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Trading Down 0.4 %

GT opened at $7.92 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -3.50 and a beta of 1.74. The Goodyear Tire & Rubber Company has a 12 month low of $7.63 and a 12 month high of $15.24. The stock has a fifty day moving average price of $9.89 and a 200-day moving average price of $11.47.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.10. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the company posted ($0.34) earnings per share. The firm’s revenue was down 6.1% on a year-over-year basis. As a group, equities research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.12 earnings per share for the current fiscal year.

Goodyear Tire & Rubber 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.