Comerica Bank reduced its stake in Goodyear Tire & Rubber Co (NASDAQ:GT) by 2.8% during the fourth quarter, HoldingsChannel reports. The firm owned 62,782 shares of the company’s stock after selling 1,814 shares during the quarter. Comerica Bank’s holdings in Goodyear Tire & Rubber were worth $2,221,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Goodyear Tire & Rubber by 143.0% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 4,557 shares of the company’s stock valued at $152,000 after purchasing an additional 2,682 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter valued at approximately $205,000. Belpointe Asset Management LLC acquired a new stake in Goodyear Tire & Rubber during the 3rd quarter worth approximately $258,000. Intrust Bank NA boosted its position in Goodyear Tire & Rubber by 26.7% during the 3rd quarter. Intrust Bank NA now owns 9,277 shares of the company’s stock worth $309,000 after buying an additional 1,954 shares during the period. Finally, IFM Investors Pty Ltd acquired a new stake in Goodyear Tire & Rubber during the 3rd quarter worth approximately $322,000. Institutional investors own 94.71% of the company’s stock.
GT has been the topic of several recent research reports. Zacks Investment Research downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Citigroup downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and cut their target price for the stock from $38.00 to $36.00 in a research report on Monday, October 30th. BidaskClub upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Longbow Research initiated coverage on shares of Goodyear Tire & Rubber in a research report on Wednesday, January 31st. They set a “neutral” rating on the stock. Finally, ValuEngine upgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 1st. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Goodyear Tire & Rubber presently has an average rating of “Buy” and an average target price of $37.30.
Goodyear Tire & Rubber Co (GT) opened at $29.13 on Friday. The stock has a market cap of $7,005.66, a P/E ratio of 9.28, a PEG ratio of 0.64 and a beta of 1.60. Goodyear Tire & Rubber Co 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 1.05, a current ratio of 1.21 and a quick ratio of 0.66.
Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.23. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $3.96 billion. Goodyear Tire & Rubber had a net margin of 2.25% and a return on equity of 15.70%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 EPS. equities research analysts forecast that Goodyear Tire & Rubber Co will post 3.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 1st will be given a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. Goodyear Tire & Rubber’s dividend payout ratio (DPR) is currently 41.79%.
In other news, SVP Jean Claude Kihn sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $32.12, for a total value of $240,900.00. Following the transaction, the senior vice president now owns 51,848 shares in the company, valued at approximately $1,665,357.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.
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About Goodyear Tire & Rubber
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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