Oregon Public Employees Retirement Fund raised its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 126,796 shares of the company’s stock after buying an additional 1,300 shares during the period. Oregon Public Employees Retirement Fund’s holdings in The Goodyear Tire & Rubber were worth $4,433,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its stake in shares of The Goodyear Tire & Rubber by 3,674.6% in the first quarter. BlackRock Inc. now owns 22,277,221 shares of the company’s stock valued at $801,980,000 after buying an additional 21,687,034 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in shares of The Goodyear Tire & Rubber by 79.6% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 7,021,395 shares of the company’s stock valued at $252,770,000 after buying an additional 3,111,559 shares during the last quarter. FMR LLC increased its stake in shares of The Goodyear Tire & Rubber by 173.3% in the first quarter. FMR LLC now owns 3,083,621 shares of the company’s stock valued at $111,011,000 after buying an additional 1,955,403 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of The Goodyear Tire & Rubber by 602.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,295,362 shares of the company’s stock valued at $46,633,000 after buying an additional 1,110,842 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of The Goodyear Tire & Rubber by 16.1% in the first quarter. Bank of New York Mellon Corp now owns 5,349,243 shares of the company’s stock valued at $192,572,000 after buying an additional 742,406 shares during the last quarter. Hedge funds and other institutional investors own 92.38% of the company’s stock.
Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) opened at 35.40 on Friday. The Goodyear Tire & Rubber Company has a 12 month low of $26.70 and a 12 month high of $37.20. The firm has a 50 day moving average price of $34.94 and a 200-day moving average price of $34.34. The company has a market cap of $8.91 billion, a P/E ratio of 7.47 and a beta of 1.56.
The Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Friday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The Goodyear Tire & Rubber had a return on equity of 22.60% and a net margin of 8.22%. The company had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. The business’s revenue was up .2% on a year-over-year basis. Analysts anticipate that The Goodyear Tire & Rubber Company will post $3.79 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Friday, July 28th. The Goodyear Tire & Rubber’s dividend payout ratio is presently 8.46%.
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Several analysts recently weighed in on GT shares. Morgan Stanley upgraded The Goodyear Tire & Rubber from an “underweight” rating to an “overweight” rating in a research note on Thursday, June 1st. Zacks Investment Research upgraded The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research report on Monday, April 17th. Jefferies Group LLC set a $40.00 price objective on The Goodyear Tire & Rubber and gave the stock a “hold” rating in a research report on Monday, May 8th. Citigroup Inc. raised their price objective on The Goodyear Tire & Rubber from $36.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, April 7th. Finally, Goldman Sachs Group, Inc. (The) downgraded The Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $34.00 to $33.00 in a research report on Thursday, March 30th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The Goodyear Tire & Rubber presently has a consensus rating of “Buy” and a consensus target price of $36.30.
In related news, insider Stephen R. Mcclellan sold 6,250 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $35.29, for a total value of $220,562.50. Following the completion of the sale, the insider now directly owns 78,099 shares in the company, valued at $2,756,113.71. The sale was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 18,750 shares of company stock valued at $662,938. Corporate insiders own 1.40% of the company’s stock.
The Goodyear Tire & Rubber Company 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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