State of New Jersey Common Pension Fund D Lowers Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

State of New Jersey Common Pension Fund D lessened its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 32.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 159,648 shares of the company’s stock after selling 76,433 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Goodyear Tire & Rubber worth $1,812,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GT. Family Firm Inc. bought a new stake in shares of Goodyear Tire & Rubber during the second quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. bought a new stake in Goodyear Tire & Rubber during the 4th quarter valued at $28,000. Mather Group LLC. grew its position in shares of Goodyear Tire & Rubber by 4,526.3% during the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after buying an additional 2,580 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth $33,000. Finally, Beach Investment Counsel Inc. PA purchased a new position in shares of Goodyear Tire & Rubber during the second quarter valued at $40,000. Institutional investors own 84.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GT. StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price objective for the company. Finally, Wolfe Research cut Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Trading Down 2.3 %

NASDAQ:GT opened at $8.06 on Tuesday. The firm has a 50 day moving average of $9.20 and a 200 day moving average of $11.15. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41. The Goodyear Tire & Rubber Company has a 52 week low of $7.27 and a 52 week high of $15.24. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of -3.57 and a beta of 1.70.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate 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 period in the previous year, the business earned ($0.34) EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current fiscal year.

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. 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.