The Goodyear Tire & Rubber Company (NASDAQ:GT) Stake Trimmed by ProShare Advisors LLC

ProShare Advisors LLC cut its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 20.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 51,166 shares of the company’s stock after selling 13,288 shares during the period. ProShare Advisors LLC’s holdings in Goodyear Tire & Rubber were worth $581,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Huber Capital Management LLC raised its holdings in shares of Goodyear Tire & Rubber by 26.9% during the second quarter. Huber Capital Management LLC now owns 428,042 shares of the company’s stock valued at $4,858,000 after acquiring an additional 90,850 shares during the period. Canada Pension Plan Investment Board raised its stake in Goodyear Tire & Rubber by 682.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 487,600 shares of the company’s stock valued at $5,534,000 after purchasing an additional 425,300 shares during the period. Intech Investment Management LLC acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $425,000. Inspire Investing LLC lifted its holdings in shares of Goodyear Tire & Rubber by 15.9% in the second quarter. Inspire Investing LLC now owns 34,323 shares of the company’s stock valued at $390,000 after purchasing an additional 4,717 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its position in shares of Goodyear Tire & Rubber by 1.0% in the second quarter. First Eagle Investment Management LLC now owns 1,003,549 shares of the company’s stock worth $11,390,000 after buying an additional 9,541 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GT shares. Morgan Stanley began coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price objective for the company. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Finally, StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $8.77 on Monday. The firm has a market cap 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 current ratio of 1.06 and a quick ratio of 0.54. 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’s 50-day moving average is $8.89 and its two-hundred day moving average is $11.03.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.10. The firm 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 company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.34) earnings per share. Analysts predict that The Goodyear Tire & Rubber Company will post 1.06 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.