Wellington Management Group LLP Reduces Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Wellington Management Group LLP trimmed its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,253,689 shares of the company's stock after selling 2,205,945 shares during the quarter. Wellington Management Group LLP owned 8.86% of Goodyear Tire & Rubber worth $223,495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GT. Texas Permanent School Fund Corp lifted its position in Goodyear Tire & Rubber by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company's stock worth $2,833,000 after acquiring an additional 1,475 shares during the period. Arizona State Retirement System lifted its holdings in shares of Goodyear Tire & Rubber by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company's stock valued at $903,000 after buying an additional 1,621 shares during the period. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 6.1% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 38,050 shares of the company's stock valued at $336,000 after buying an additional 2,195 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Goodyear Tire & Rubber by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 32,866 shares of the company's stock valued at $290,000 after buying an additional 2,245 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Goodyear Tire & Rubber by 2.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 114,861 shares of the company's stock valued at $1,304,000 after buying an additional 2,262 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Price Performance

NASDAQ GT traded up $0.09 during trading hours on Monday, reaching $10.25. The company's stock had a trading volume of 3,888,181 shares, compared to its average volume of 4,327,910. The Goodyear Tire & Rubber Company has a 1-year low of $7.27 and a 1-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. The company's 50-day moving average is $9.11 and its two-hundred day moving average is $9.78.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.12. The company had revenue of $4.82 billion during the quarter, compared to analysts' expectations of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. Goodyear Tire & Rubber's quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.09 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GT shares. StockNews.com cut Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Wednesday, November 13th. Wolfe Research cut Goodyear Tire & Rubber from an "outperform" rating to a "peer perform" rating in a report on Thursday, September 5th.

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.