Jacobs Levy Equity Management Inc. Cuts Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Jacobs Levy Equity Management Inc. reduced its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 9.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,670,923 shares of the company’s stock after selling 363,406 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Goodyear Tire & Rubber were worth $32,488,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Family Firm Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth approximately $26,000. Mather Group LLC. grew its holdings in Goodyear Tire & Rubber by 4,526.3% in the second 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 last quarter. Sound Income Strategies LLC increased its position in shares of Goodyear Tire & Rubber by 2,122.5% in the third quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock valued at $35,000 after buying an additional 3,778 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth $57,000. Finally, ORG Partners LLC purchased a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth about $72,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Down 2.4 %

Shares of NASDAQ:GT opened at $10.74 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 1.14 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $3.06 billion, a P/E ratio of -10.33 and a beta of 1.77. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $15.24. The stock’s fifty day simple moving average is $8.95 and its 200-day simple moving average is $9.84.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. As a group, equities research analysts forecast that The Goodyear Tire & Rubber Company will post 1.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GT. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th.

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.