Letko Brosseau & Associates Inc. Sells 64,675 Shares of Goodyear Tire & Rubber Co (NASDAQ:GT)

Letko Brosseau & Associates Inc. reduced its position in Goodyear Tire & Rubber Co (NASDAQ:GT) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,376,910 shares of the company’s stock after selling 64,675 shares during the period. Letko Brosseau & Associates Inc. owned approximately 1.02% of Goodyear Tire & Rubber worth $34,239,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GT. Marshall Wace North America L.P. bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth $20,306,000. Russell Investments Group Ltd. lifted its holdings in shares of Goodyear Tire & Rubber by 69.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,604,996 shares of the company’s stock worth $23,117,000 after purchasing an additional 655,759 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth $7,010,000. Natixis lifted its holdings in shares of Goodyear Tire & Rubber by 304.1% in the 2nd quarter. Natixis now owns 503,014 shares of the company’s stock worth $7,696,000 after purchasing an additional 378,536 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Goodyear Tire & Rubber by 33.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,430,043 shares of the company’s stock worth $21,880,000 after purchasing an additional 360,051 shares in the last quarter. Institutional investors own 82.00% of the company’s stock.

A number of equities research analysts recently commented on the company. Exane BNP Paribas assumed coverage on Goodyear Tire & Rubber in a research report on Friday, August 16th. They issued an “outperform” rating and a $15.00 price target for the company. BidaskClub raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Saturday, October 19th. Northcoast Research lowered Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 29th. ValuEngine raised Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Finally, Citigroup lowered their price target on Goodyear Tire & Rubber from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, July 30th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Goodyear Tire & Rubber presently has a consensus rating of “Hold” and an average target price of $16.46.

NASDAQ GT traded down $0.27 on Tuesday, reaching $16.72. The company had a trading volume of 87,973 shares, compared to its average volume of 3,135,430. The stock has a market capitalization of $3.97 billion, a P/E ratio of 7.18 and a beta of 1.77. The company’s fifty day moving average is $15.06 and its 200 day moving average is $14.61. Goodyear Tire & Rubber Co has a 52-week low of $10.74 and a 52-week high of $23.95. The company has a quick ratio of 0.75, a current ratio of 1.33 and a debt-to-equity ratio of 1.24.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Friday, October 25th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.07). Goodyear Tire & Rubber had a net margin of 1.28% and a return on equity of 6.50%. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the prior year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, research analysts expect that Goodyear Tire & Rubber Co will post 1.45 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 1st will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, October 31st. Goodyear Tire & Rubber’s dividend payout ratio is presently 27.59%.

Goodyear Tire & Rubber 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: Net Income

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

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