California Public Employees Retirement System Trims Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

California Public Employees Retirement System decreased its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 506,772 shares of the company’s stock after selling 5,888 shares during the quarter. California Public Employees Retirement System owned approximately 0.18% of Goodyear Tire & Rubber worth $7,257,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in GT. Wellington Management Group LLP acquired a new stake in Goodyear Tire & Rubber during the 3rd quarter worth $125,650,000. Assenagon Asset Management S.A. raised its holdings in shares of Goodyear Tire & Rubber by 880.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 571,124 shares of the company’s stock valued at $8,178,000 after buying an additional 512,875 shares during the last quarter. Aigen Investment Management LP acquired a new stake in shares of Goodyear Tire & Rubber during the third quarter worth about $207,000. American Century Companies Inc. grew its holdings in shares of Goodyear Tire & Rubber by 24.9% during the third quarter. American Century Companies Inc. now owns 4,774,601 shares of the company’s stock worth $59,348,000 after buying an additional 953,047 shares during the last quarter. Finally, Deutsche Bank AG increased its position in Goodyear Tire & Rubber by 14.4% in the 3rd quarter. Deutsche Bank AG now owns 135,940 shares of the company’s stock valued at $1,690,000 after acquiring an additional 17,093 shares during the period. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.16.

Goodyear Tire & Rubber Stock Down 0.8 %

Shares of NASDAQ:GT opened at $12.24 on Friday. The Goodyear Tire & Rubber Company has a fifty-two week low of $10.12 and a fifty-two week high of $16.50. The company has a quick ratio of 0.55, a current ratio of 1.07 and a debt-to-equity ratio of 1.41. The firm’s 50-day simple moving average is $12.48 and its 200-day simple moving average is $13.15. The company has a market cap of $3.48 billion, a price-to-earnings ratio of -5.08 and a beta of 1.86.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.11. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.38 billion. Goodyear Tire & Rubber had a positive return on equity of 1.16% and a negative net margin of 3.43%. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.07 EPS. As a group, equities research analysts predict that The Goodyear Tire & Rubber Company will post 1.06 earnings per share for the current year.

Goodyear Tire & Rubber 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.