Newport Trust Company LLC Has $40.12 Million Holdings in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Newport Trust Company LLC trimmed its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,535,167 shares of the company’s stock after selling 56,382 shares during the quarter. Newport Trust Company LLC owned approximately 1.24% of Goodyear Tire & Rubber worth $40,124,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of GT. Retirement Systems of Alabama lifted its holdings in Goodyear Tire & Rubber by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock worth $4,889,000 after buying an additional 935 shares in the last quarter. Covestor Ltd boosted its holdings in Goodyear Tire & Rubber by 33.6% in the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock valued at $70,000 after acquiring an additional 1,284 shares during the last quarter. Texas Permanent School Fund Corp increased its position in Goodyear Tire & Rubber by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock worth $2,833,000 after purchasing an additional 1,475 shares during the period. State of Michigan Retirement System raised its holdings in Goodyear Tire & Rubber by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock worth $956,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Goodyear Tire & Rubber by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock valued at $903,000 after purchasing an additional 1,621 shares during the period. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

NASDAQ:GT opened at $8.37 on Friday. The stock has a market capitalization of $2.38 billion, a PE ratio of -3.70 and a beta of 1.70. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The firm has a fifty day simple moving average of $9.39 and a 200 day simple moving average of $11.23. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.10. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the previous year, the business earned ($0.34) earnings per share. The business’s revenue was down 6.1% compared to the same quarter last year. On average, research analysts expect that The Goodyear Tire & Rubber Company will post 1.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GT has been the subject of several recent research reports. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Morgan Stanley started coverage on Goodyear Tire & Rubber in a report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price objective for the company. Finally, StockNews.com cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.23.

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.