Retirement Systems of Alabama Trims Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Retirement Systems of Alabama trimmed its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 346,210 shares of the company’s stock after selling 5,163 shares during the quarter. Retirement Systems of Alabama’s holdings in Goodyear Tire & Rubber were worth $3,064,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its stake in shares of Goodyear Tire & Rubber by 16.2% in the 2nd quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock valued at $82,376,000 after purchasing an additional 1,013,550 shares during the period. Geode Capital Management LLC increased its holdings in Goodyear Tire & Rubber by 1.2% in the third quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock valued at $62,438,000 after buying an additional 86,227 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Goodyear Tire & Rubber by 3,921.7% in the third quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock worth $42,051,000 after acquiring an additional 4,633,368 shares during the period. Segall Bryant & Hamill LLC boosted its stake in shares of Goodyear Tire & Rubber by 13.4% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 4,101,832 shares of the company’s stock worth $36,301,000 after acquiring an additional 484,198 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Goodyear Tire & Rubber by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,532,990 shares of the company’s stock valued at $31,267,000 after acquiring an additional 252,960 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GT has been the topic of a number of recent analyst reports. Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a research note on Friday. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.30.

Goodyear Tire & Rubber Trading Up 0.3 %

GT stock opened at $8.62 on Friday. The business’s 50-day moving average is $9.32 and its 200 day moving average is $9.65. The Goodyear Tire & Rubber Company has a 12-month low of $7.27 and a 12-month high of $14.97. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of -8.29 and a beta of 1.77. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The firm had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. During the same period in the previous year, the company posted $0.36 earnings per share. The business’s revenue was down 6.2% on a year-over-year basis. On average, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.09 EPS 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.