California Public Employees Retirement System Sells 30,347 Shares of Goodyear Tire & Rubber Co (GT)

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California Public Employees Retirement System decreased its holdings in shares of Goodyear Tire & Rubber Co (NASDAQ:GT) by 4.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 729,897 shares of the company’s stock after selling 30,347 shares during the period. California Public Employees Retirement System’s holdings in Goodyear Tire & Rubber were worth $13,248,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GT. Sound Shore Management Inc. CT lifted its holdings in Goodyear Tire & Rubber by 4.6% in the first quarter. Sound Shore Management Inc. CT now owns 6,578,014 shares of the company’s stock worth $119,391,000 after purchasing an additional 291,388 shares during the period. Texas Permanent School Fund lifted its holdings in Goodyear Tire & Rubber by 236.4% in the 1st quarter. Texas Permanent School Fund now owns 157,658 shares of the company’s stock valued at $2,861,000 after acquiring an additional 110,791 shares during the last quarter. Newport Trust Co lifted its holdings in Goodyear Tire & Rubber by 1.4% in the 1st quarter. Newport Trust Co now owns 3,247,978 shares of the company’s stock valued at $58,951,000 after acquiring an additional 46,250 shares during the last quarter. Comerica Bank lifted its holdings in Goodyear Tire & Rubber by 200.0% in the 1st quarter. Comerica Bank now owns 153,050 shares of the company’s stock valued at $2,988,000 after acquiring an additional 102,031 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Goodyear Tire & Rubber by 203.5% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 533,980 shares of the company’s stock valued at $9,694,000 after acquiring an additional 358,035 shares during the last quarter. Hedge funds and other institutional investors own 85.51% of the company’s stock.

NASDAQ GT opened at $15.39 on Wednesday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.70 and a current ratio of 1.28. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of 6.63, a P/E/G ratio of -1.56 and a beta of 1.51. Goodyear Tire & Rubber Co has a 1 year low of $15.29 and a 1 year high of $26.23.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, April 26th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.14. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Goodyear Tire & Rubber had a return on equity of 9.59% and a net margin of 3.65%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 EPS. On average, sell-side analysts expect that Goodyear Tire & Rubber Co will post 2.01 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, April 30th. This represents a $0.64 annualized dividend and a yield of 4.16%. Goodyear Tire & Rubber’s payout ratio is presently 27.59%.

A number of brokerages have weighed in on GT. BidaskClub downgraded shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 14th. Morgan Stanley set a $15.00 price target on shares of Goodyear Tire & Rubber and gave the company a “hold” rating in a report on Thursday, May 16th. Zacks Investment Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 5th. ValuEngine downgraded shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Thursday, May 9th. Finally, Longbow Research downgraded shares of Goodyear Tire & Rubber from a “neutral” rating to an “underperform” rating and set a $14.00 price target for the company. in a report on Monday, February 11th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Goodyear Tire & Rubber has an average rating of “Hold” and a consensus target price of $21.50.

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About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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Institutional Ownership by Quarter for Goodyear Tire & Rubber (NASDAQ:GT)

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