Ensign Peak Advisors Inc Trims Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Ensign Peak Advisors Inc lessened its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 78.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,202 shares of the company’s stock after selling 396,519 shares during the period. Ensign Peak Advisors Inc’s holdings in Goodyear Tire & Rubber were worth $1,205,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Retirement Systems of Alabama increased its stake in Goodyear Tire & Rubber by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock worth $4,889,000 after buying an additional 935 shares during the period. Covestor Ltd grew its holdings in Goodyear Tire & Rubber by 33.6% during the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after acquiring an additional 1,284 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in Goodyear Tire & Rubber by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock worth $2,833,000 after acquiring an additional 1,475 shares in the last quarter. State of Michigan Retirement System grew its holdings in Goodyear Tire & Rubber by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock worth $956,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in Goodyear Tire & Rubber by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock worth $903,000 after acquiring an additional 1,621 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber in a report on Thursday, June 13th. They set an “equal weight” rating and a $14.00 target price on the stock. StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Finally, Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Stock Up 5.0 %

NASDAQ:GT opened at $8.77 on Friday. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.27 and a fifty-two week high of $15.24. The stock has a market capitalization of $2.50 billion, a P/E ratio of -3.88 and a beta of 1.70. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. The company’s 50-day simple moving average is $8.89 and its 200-day simple moving average is $11.04.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $4.78 billion. During the same period last year, the business earned ($0.34) EPS. The company’s revenue was down 6.1% compared to the same quarter last year. On average, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current fiscal year.

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.