American International Group Inc. Sells 40,144 Shares of The Goodyear Tire & Rubber Company (GT)

American International Group Inc. reduced its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 30.7% during the first quarter, Holdings Channel reports. The institutional investor owned 90,450 shares of the company’s stock after selling 40,144 shares during the period. American International Group Inc.’s holdings in The Goodyear Tire & Rubber Company were worth $3,256,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GT. Franklin Resources Inc. purchased a new position in shares of The Goodyear Tire & Rubber Company during the fourth quarter worth about $122,228,000. Norges Bank purchased a new position in shares of The Goodyear Tire & Rubber Company during the fourth quarter worth about $84,244,000. FMR LLC boosted its position in shares of The Goodyear Tire & Rubber Company by 728.4% in the fourth quarter. FMR LLC now owns 1,128,218 shares of the company’s stock worth $34,828,000 after buying an additional 992,025 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of The Goodyear Tire & Rubber Company by 16.1% in the first quarter. Bank of New York Mellon Corp now owns 5,349,243 shares of the company’s stock worth $192,572,000 after buying an additional 742,406 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its position in shares of The Goodyear Tire & Rubber Company by 25.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 3,567,198 shares of the company’s stock worth $110,119,000 after buying an additional 727,727 shares during the last quarter. 92.77% of the stock is currently owned by hedge funds and other institutional investors.

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

The Goodyear Tire & Rubber Company (GT) opened at 33.51 on Friday. The stock has a 50 day moving average of $34.17 and a 200 day moving average of $33.77. The company has a market cap of $8.44 billion, a PE ratio of 7.07 and a beta of 1.61. The Goodyear Tire & Rubber Company has a 52 week low of $24.31 and a 52 week high of $37.20.

The Goodyear Tire & Rubber Company (NASDAQ:GT) last announced its quarterly earnings results on Friday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.11. The Goodyear Tire & Rubber Company 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 the consensus estimate of $3.78 billion. During the same period in the previous year, the company posted $0.72 earnings per share. The Goodyear Tire & Rubber Company’s revenue for the quarter was up .2% on a year-over-year basis. Equities research analysts predict that The Goodyear Tire & Rubber Company will post $3.94 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Shareholders of record on Monday, May 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, April 27th. The Goodyear Tire & Rubber Company’s payout ratio is presently 8.46%.

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GT has been the topic of several research analyst reports. Goldman Sachs Group, Inc. (The) cut shares of The Goodyear Tire & Rubber Company from a “buy” rating to a “neutral” rating and lowered their target price for the company from $34.00 to $33.00 in a research note on Thursday, March 30th. They noted that the move was a valuation call. Jefferies Group LLC cut shares of The Goodyear Tire & Rubber Company from a “buy” rating to a “hold” rating and set a $38.00 target price on the stock. in a research note on Friday, February 24th. Zacks Investment Research cut shares of The Goodyear Tire & Rubber Company from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. Citigroup Inc. upped their target price on shares of The Goodyear Tire & Rubber Company from $36.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, April 7th. Finally, Standpoint Research cut shares of The Goodyear Tire & Rubber Company from a “buy” rating to a “hold” rating in a research note on Wednesday, March 1st. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The Goodyear Tire & Rubber Company presently has an average rating of “Buy” and an average target price of $35.15.

In other The Goodyear Tire & Rubber Company news, insider Stephen R. Mcclellan sold 6,250 shares of the business’s stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $35.25, for a total value of $220,312.50. Following the completion of the transaction, the insider now directly owns 90,599 shares of the company’s stock, valued at $3,193,614.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 18,750 shares of company stock valued at $661,625 over the last three months. 1.40% of the stock is currently owned by corporate insiders.

About The Goodyear Tire & Rubber Company

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.

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

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