Nordea Investment Management AB Reduces Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Nordea Investment Management AB lowered its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 34.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,319 shares of the company’s stock after selling 7,133 shares during the period. Nordea Investment Management AB’s holdings in Goodyear Tire & Rubber were worth $192,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Goodyear Tire & Rubber by 7.6% in the first quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock worth $511,113,000 after purchasing an additional 2,528,942 shares during the last quarter. Vanguard Group Inc. lifted its stake in Goodyear Tire & Rubber by 1.6% in the first quarter. Vanguard Group Inc. now owns 28,349,435 shares of the company’s stock worth $405,113,000 after purchasing an additional 437,114 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Goodyear Tire & Rubber by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 12,260,862 shares of the company’s stock worth $175,213,000 after purchasing an additional 431,192 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Goodyear Tire & Rubber during the third quarter valued at approximately $125,650,000. Finally, State Street Corp raised its stake in shares of Goodyear Tire & Rubber by 2.7% during the first quarter. State Street Corp now owns 10,052,612 shares of the company’s stock valued at $110,780,000 after acquiring an additional 260,929 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $13.57 on Thursday. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -5.63 and a beta of 1.83. The company’s 50 day moving average is $12.95 and its 200 day moving average is $13.13. The company has a quick ratio of 0.55, a current ratio of 1.07 and a debt-to-equity ratio of 1.41. The Goodyear Tire & Rubber Company has a 52-week low of $10.12 and a 52-week high of $16.50.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.11. Goodyear Tire & Rubber had a negative net margin of 3.43% and a positive return on equity of 1.16%. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.38 billion. During the same period in the previous year, the company earned $0.07 earnings per share. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on GT. HSBC began coverage on shares of Goodyear Tire & Rubber in a research note on Monday, December 4th. They set a “buy” rating and a $16.80 price target for the company. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Wednesday, February 21st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.16.

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.