Wellington Management Group LLP Cuts Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Wellington Management Group LLP trimmed its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,775,525 shares of the company’s stock after selling 478,164 shares during the period. Wellington Management Group LLP owned approximately 8.69% of Goodyear Tire & Rubber worth $222,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Allworth Financial LP grew its position in Goodyear Tire & Rubber by 251.8% in the fourth quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock worth $40,000 after acquiring an additional 3,059 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter valued at approximately $45,000. Signaturefd LLC boosted its holdings in shares of Goodyear Tire & Rubber by 61.2% in the 4th quarter. Signaturefd LLC now owns 5,259 shares of the company’s stock worth $47,000 after purchasing an additional 1,997 shares during the period. Newbridge Financial Services Group Inc. bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter valued at approximately $54,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Goodyear Tire & Rubber during the 4th quarter valued at $79,000. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Stock Performance

Goodyear Tire & Rubber stock opened at $9.12 on Thursday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The company has a market capitalization of $2.60 billion, a PE ratio of 38.00 and a beta of 1.49. The company has a 50 day moving average price of $9.18 and a 200-day moving average price of $9.08. The Goodyear Tire & Rubber Company has a fifty-two week low of $7.27 and a fifty-two week high of $13.78.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Thursday, February 13th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.10. The business had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.91 billion. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. As a group, equities analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GT shares. Argus raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Tuesday, February 18th. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Monday. Finally, TD Cowen began coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They issued a “buy” rating and a $14.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.78.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.