Principal Financial Group Inc. Decreases Stake in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Principal Financial Group Inc. cut its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 30.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 661,398 shares of the company’s stock after selling 293,384 shares during the period. Principal Financial Group Inc. owned 0.23% of Goodyear Tire & Rubber worth $5,853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of GT. Family Firm Inc. acquired a new position in Goodyear Tire & Rubber in the second quarter valued at $26,000. Mather Group LLC. boosted its position in shares of Goodyear Tire & Rubber by 4,526.3% in the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after purchasing an additional 2,580 shares during the period. Sound Income Strategies LLC grew its stake in Goodyear Tire & Rubber by 2,122.5% during the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock worth $35,000 after buying an additional 3,778 shares during the last quarter. Beach Investment Counsel Inc. PA acquired a new position in Goodyear Tire & Rubber during the second quarter worth approximately $40,000. Finally, MUFG Securities EMEA plc purchased a new stake in Goodyear Tire & Rubber in the second quarter valued at approximately $57,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $9.07 on Thursday. The stock has a market cap of $2.58 billion, a PE ratio of -8.72 and a beta of 1.69. The business’s fifty day moving average price is $8.59 and its two-hundred day moving average price is $10.01. The Goodyear Tire & Rubber Company has a one year low of $7.27 and a one year high of $15.24. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The business had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.96 billion. During the same quarter last year, the firm earned $0.36 earnings per share. The business’s revenue was down 6.2% on a year-over-year basis. On average, analysts forecast that The Goodyear Tire & Rubber Company will post 1.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. StockNews.com cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

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.