Levin Capital Strategies L.P. Takes $40.38 Million Position in Goodyear Tire & Rubber Co (GT)

Levin Capital Strategies L.P. purchased a new position in shares of Goodyear Tire & Rubber Co (NASDAQ:GT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,249,867 shares of the company’s stock, valued at approximately $40,383,000. Levin Capital Strategies L.P. owned 0.51% of Goodyear Tire & Rubber at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GT. Advisory Services Network LLC lifted its holdings in shares of Goodyear Tire & Rubber by 164.5% during the fourth quarter. Advisory Services Network LLC now owns 3,832 shares of the company’s stock worth $124,000 after purchasing an additional 2,383 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in Goodyear Tire & Rubber by 143.0% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 4,557 shares of the company’s stock valued at $152,000 after acquiring an additional 2,682 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Goodyear Tire & Rubber in the third quarter valued at $205,000. D.A. Davidson & CO. acquired a new stake in Goodyear Tire & Rubber in the fourth quarter valued at $233,000. Finally, Belpointe Asset Management LLC acquired a new stake in Goodyear Tire & Rubber in the third quarter valued at $258,000. 94.44% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have commented on GT. Guggenheim set a $32.00 target price on Goodyear Tire & Rubber and gave the company a “hold” rating in a report on Friday, February 9th. TheStreet downgraded Goodyear Tire & Rubber from a “b” rating to a “c+” rating in a report on Thursday, February 8th. BidaskClub downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Monday, January 29th. Finally, JPMorgan Chase & Co. reduced their target price on Goodyear Tire & Rubber from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, October 30th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $37.30.

In other news, SVP Jean Claude Kihn sold 7,500 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $32.12, for a total value of $240,900.00. Following the completion of the transaction, the senior vice president now owns 51,848 shares in the company, valued at $1,665,357.76. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.40% of the company’s stock.

Goodyear Tire & Rubber Co (NASDAQ GT) opened at $29.96 on Friday. Goodyear Tire & Rubber Co has a 52-week low of $28.81 and a 52-week high of $37.20. The firm has a market capitalization of $7,109.01, a price-to-earnings ratio of 22.36, a PEG ratio of 0.64 and a beta of 1.60. 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 announced its quarterly earnings results on Thursday, February 8th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.23. Goodyear Tire & Rubber had a return on equity of 15.70% and a net margin of 2.25%. The business had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter last year, the business posted $0.95 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. sell-side analysts forecast that Goodyear Tire & Rubber Co will post 3.74 EPS for the current 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. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Wednesday, January 31st. Goodyear Tire & Rubber’s dividend payout ratio is currently 41.79%.

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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.

Institutional Ownership by Quarter for Goodyear Tire & Rubber (NASDAQ:GT)

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