Bank of New York Mellon Corp Has $18.43 Million Stock Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Bank of New York Mellon Corp decreased its holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 7.1% during the 4th quarter, HoldingsChannel reports. The firm owned 2,047,272 shares of the company’s stock after selling 156,676 shares during the quarter. Bank of New York Mellon Corp’s holdings in Goodyear Tire & Rubber were worth $18,425,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GT. US Bancorp DE increased its stake in shares of Goodyear Tire & Rubber by 20.9% in the 3rd quarter. US Bancorp DE now owns 18,281 shares of the company’s stock valued at $162,000 after purchasing an additional 3,163 shares during the last quarter. Apollon Wealth Management LLC bought a new position in shares of Goodyear Tire & Rubber in the 3rd quarter valued at $92,000. Barnett & Company Inc. grew its position in Goodyear Tire & Rubber by 19.8% during the 3rd quarter. Barnett & Company Inc. now owns 94,400 shares of the company’s stock worth $835,000 after acquiring an additional 15,600 shares during the last quarter. Victory Capital Management Inc. grew its position in Goodyear Tire & Rubber by 3,921.7% during the 3rd 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 last quarter. Finally, MQS Management LLC bought a new stake in Goodyear Tire & Rubber during the 3rd quarter worth $132,000. Institutional investors own 84.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GT. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research report on Friday, December 20th. Argus upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Tuesday, February 18th. Finally, TD Cowen began coverage on Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a “buy” rating and a $14.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of “Moderate Buy” and an average target price of $13.18.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock opened at $9.38 on Wednesday. The company has a market cap of $2.67 billion, a PE ratio of 39.08 and a beta of 1.71. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $13.86. The business has a 50 day moving average price of $9.13 and a 200-day moving average price of $8.98. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30.

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

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.