The Goodyear Tire & Rubber Company $GT Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. lowered its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 91.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,954 shares of the company’s stock after selling 352,910 shares during the quarter. Pacer Advisors Inc.’s holdings in Goodyear Tire & Rubber were worth $218,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP increased its stake in shares of Goodyear Tire & Rubber by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock worth $245,699,000 after acquiring an additional 1,666,394 shares during the period. Dimensional Fund Advisors LP lifted its position in Goodyear Tire & Rubber by 8.9% in the first quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock valued at $109,778,000 after purchasing an additional 1,352,085 shares during the period. State Street Corp boosted its holdings in Goodyear Tire & Rubber by 0.4% in the 4th quarter. State Street Corp now owns 10,450,140 shares of the company’s stock valued at $91,543,000 after purchasing an additional 36,786 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Goodyear Tire & Rubber by 151.8% in the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after purchasing an additional 5,886,935 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Goodyear Tire & Rubber by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 7,245,230 shares of the company’s stock worth $63,479,000 after purchasing an additional 449,911 shares during the period. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GT. TD Cowen cut their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. JPMorgan Chase & Co. upped their price objective on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday. Finally, Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus price target of $8.47.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $6.09 on Wednesday. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -0.69 and a beta of 1.12. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The business’s 50 day simple moving average is $6.59 and its 200-day simple moving average is $7.15. The Goodyear Tire & Rubber Company has a 12 month low of $5.43 and a 12 month high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.Goodyear Tire & Rubber’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. As a group, equities analysts forecast that The Goodyear Tire & Rubber Company will post -0.26 earnings per share for the current fiscal year.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.