Rhumbline Advisers raised its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 478,636 shares of the company’s stock after buying an additional 8,858 shares during the quarter. Rhumbline Advisers owned about 0.19% of The Goodyear Tire & Rubber worth $15,915,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Sound Shore Management Inc. CT acquired a new stake in The Goodyear Tire & Rubber during the 2nd quarter worth approximately $101,396,000. Bank of New York Mellon Corp lifted its position in shares of The Goodyear Tire & Rubber by 15.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,202,190 shares of the company’s stock worth $216,826,000 after purchasing an additional 852,947 shares during the period. LSV Asset Management lifted its position in shares of The Goodyear Tire & Rubber by 6.6% in the 2nd quarter. LSV Asset Management now owns 10,230,101 shares of the company’s stock worth $357,644,000 after purchasing an additional 634,919 shares during the period. Parametric Portfolio Associates LLC lifted its position in shares of The Goodyear Tire & Rubber by 94.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,296,130 shares of the company’s stock worth $45,313,000 after purchasing an additional 628,221 shares during the period. Finally, Seatown Holdings Pte. Ltd. acquired a new position in shares of The Goodyear Tire & Rubber in the 2nd quarter worth approximately $21,686,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Jean Claude Kihn sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $32.44, for a total value of $243,300.00. Following the sale, the insider now directly owns 74,348 shares of the company’s stock, valued at $2,411,849.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 30,000 shares of company stock worth $962,625 over the last ninety days. 1.40% of the stock is currently owned by insiders.
The Goodyear Tire & Rubber Company (NASDAQ:GT) traded down $0.04 during midday trading on Thursday, reaching $31.32. 2,796,729 shares of the company’s stock traded hands, compared to its average volume of 2,905,586. The stock has a market capitalization of $7,720.00, a P/E ratio of 10.39, a PEG ratio of 0.90 and a beta of 1.52. The Goodyear Tire & Rubber Company has a 1-year low of $28.81 and a 1-year high of $37.20. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 1.37.
The Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Friday, October 27th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.03. The Goodyear Tire & Rubber had a net margin of 6.67% and a return on equity of 15.88%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.91 billion. During the same period in the prior year, the firm posted $1.17 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. equities research analysts expect that The Goodyear Tire & Rubber Company will post 2.88 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 1st were paid a $0.14 dividend. This is an increase from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. This represents a $0.56 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend was Tuesday, October 31st. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is currently 14.47%.
A number of brokerages have recently issued reports on GT. ValuEngine upgraded shares of The Goodyear Tire & Rubber from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 1st. Jefferies Group reiterated a “buy” rating and set a $36.00 target price on shares of The Goodyear Tire & Rubber in a research report on Thursday, October 12th. Guggenheim downgraded shares of The Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and set a $39.00 target price on the stock. in a research report on Wednesday, November 1st. BidaskClub upgraded shares of The Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research report on Saturday, October 21st. Finally, J P Morgan Chase & Co decreased their price target on shares of The Goodyear Tire & Rubber from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The Goodyear Tire & Rubber currently has a consensus rating of “Hold” and an average price target of $37.70.
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The Goodyear Tire & Rubber Profile
The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.
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