Bank of New York Mellon Corp Sells 156,676 Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT)

Bank of New York Mellon Corp trimmed its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,047,272 shares of the company's stock after selling 156,676 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.72% of Goodyear Tire & Rubber worth $18,425,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Allworth Financial LP boosted its stake in shares of Goodyear Tire & Rubber by 251.8% during the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company's stock worth $40,000 after acquiring an additional 3,059 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth approximately $45,000. Newbridge Financial Services Group Inc. bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $54,000. Private Trust Co. NA boosted its stake in shares of Goodyear Tire & Rubber by 110.4% during the 3rd quarter. Private Trust Co. NA now owns 7,050 shares of the company's stock worth $62,000 after acquiring an additional 3,700 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $79,000. 84.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. TD Cowen assumed coverage on Goodyear Tire & Rubber in a research note on Friday, March 7th. They set a "buy" rating and a $14.00 target price for the company. StockNews.com upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Argus upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $12.00 target price for the company in a research note on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Goodyear Tire & Rubber presently has an average rating of "Moderate Buy" and a consensus target price of $13.18.

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Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $9.38 on Wednesday. The stock has a market cap of $2.67 billion, a P/E ratio of 39.08 and a beta of 1.71. The stock has a 50 day simple moving average of $9.13 and a 200 day simple moving average of $8.98. The company has a current ratio of 1.04, a quick ratio of 0.55 and a debt-to-equity ratio of 1.30. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-year high of $13.86.

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

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