Korea Investment CORP Cuts Position in Goodyear Tire & Rubber Co (GT)

Korea Investment CORP trimmed its position in Goodyear Tire & Rubber Co (NASDAQ:GT) by 23.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 197,624 shares of the company’s stock after selling 60,700 shares during the period. Korea Investment CORP’s holdings in Goodyear Tire & Rubber were worth $4,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Mercantile Trust Co. acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at $35,000. Dupont Capital Management Corp increased its position in shares of Goodyear Tire & Rubber by 44.8% in the 4th quarter. Dupont Capital Management Corp now owns 4,313 shares of the company’s stock valued at $88,000 after acquiring an additional 1,335 shares during the period. IFP Advisors Inc increased its position in shares of Goodyear Tire & Rubber by 35.7% in the 4th quarter. IFP Advisors Inc now owns 5,315 shares of the company’s stock valued at $108,000 after acquiring an additional 1,397 shares during the period. Quantamental Technologies LLC acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at $113,000. Finally, NumerixS Investment Technologies Inc increased its position in shares of Goodyear Tire & Rubber by 117.9% in the 4th quarter. NumerixS Investment Technologies Inc now owns 8,500 shares of the company’s stock valued at $173,000 after acquiring an additional 4,600 shares during the period. 87.64% of the stock is currently owned by hedge funds and other institutional investors.

Shares of GT opened at $17.67 on Friday. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of 7.62, a P/E/G ratio of -1.64 and a beta of 1.52. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.64 and a current ratio of 1.24. Goodyear Tire & Rubber Co has a fifty-two week low of $17.53 and a fifty-two week high of $28.60.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Friday, February 8th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.09). Goodyear Tire & Rubber had a return on equity of 11.17% and a net margin of 4.48%. The company had revenue of $3.88 billion for the quarter, compared to analyst estimates of $4.04 billion. During the same period in the prior year, the business posted $0.99 earnings per share. Goodyear Tire & Rubber’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, analysts expect that Goodyear Tire & Rubber Co will post 2.21 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 1st were paid a dividend of $0.16 per share. This is a positive change from Goodyear Tire & Rubber’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Thursday, January 31st. Goodyear Tire & Rubber’s dividend payout ratio is presently 27.59%.

In other news, Director Werner Geissler bought 35,000 shares of the stock in a transaction dated Wednesday, February 13th. The shares were acquired at an average cost of $18.65 per share, with a total value of $652,750.00. Following the purchase, the director now directly owns 50,000 shares in the company, valued at approximately $932,500. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.50% of the company’s stock.

Several equities research analysts have weighed in on the company. Longbow Research downgraded Goodyear Tire & Rubber from a “neutral” rating to an “underperform” rating and set a $14.00 price target on the stock. in a research report on Monday, February 11th. BidaskClub downgraded Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Jefferies Financial Group set a $26.00 price target on Goodyear Tire & Rubber and gave the stock a “buy” rating in a research report on Tuesday, December 4th. Zacks Investment Research downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Thursday, January 17th. Finally, ValuEngine raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Friday, March 1st. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Goodyear Tire & Rubber presently has an average rating of “Hold” and a consensus target price of $23.56.

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Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

Further Reading: Certificate of Deposit (CD)

Want to see what other hedge funds are holding GT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Goodyear Tire & Rubber Co (NASDAQ:GT).

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

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