American International Group Inc. boosted its stake in Goodyear Tire & Rubber Co (NASDAQ:GT) by 457.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 463,176 shares of the company’s stock after buying an additional 380,033 shares during the quarter. American International Group Inc.’s holdings in Goodyear Tire & Rubber were worth $8,407,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Investors Research Corp purchased a new stake in shares of Goodyear Tire & Rubber during the 1st quarter valued at $25,000. Valeo Financial Advisors LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 1st quarter valued at $27,000. NuWave Investment Management LLC increased its position in shares of Goodyear Tire & Rubber by 3,169.2% during the 1st quarter. NuWave Investment Management LLC now owns 1,700 shares of the company’s stock valued at $31,000 after purchasing an additional 1,648 shares during the last quarter. First Mercantile Trust Co. purchased a new stake in shares of Goodyear Tire & Rubber during the 4th quarter valued at $35,000. Finally, Captrust Financial Advisors purchased a new stake in shares of Goodyear Tire & Rubber during the 4th quarter valued at $43,000. 85.51% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ GT opened at $15.39 on Wednesday. Goodyear Tire & Rubber Co has a 52 week low of $15.29 and a 52 week high of $26.23. The company has a quick ratio of 0.70, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 6.63, a P/E/G ratio of -1.56 and a beta of 1.51.
Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Friday, April 26th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.05 by $0.14. Goodyear Tire & Rubber had a return on equity of 9.59% and a net margin of 3.65%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter last year, the company earned $0.50 EPS. The firm’s revenue was down 6.1% compared to the same quarter last year. On average, equities analysts forecast that Goodyear Tire & Rubber Co will post 2.01 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be paid a $0.16 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $0.64 annualized dividend and a yield of 4.16%. Goodyear Tire & Rubber’s dividend payout ratio is currently 27.59%.
GT has been the subject of several research reports. Morgan Stanley set a $19.00 price target on Goodyear Tire & Rubber and gave the stock a “hold” rating in a research note on Tuesday, January 29th. Zacks Investment Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 5th. Jefferies Financial Group reiterated a “buy” rating and set a $25.00 price target on shares of Goodyear Tire & Rubber in a research note on Tuesday, February 5th. ValuEngine downgraded Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Friday, February 8th. Finally, Longbow Research downgraded Goodyear Tire & Rubber from a “neutral” rating to an “underperform” rating and set a $14.00 price target for the company. in a research note on Monday, February 11th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. Goodyear Tire & Rubber presently has an average rating of “Hold” and a consensus price target of $21.50.
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About Goodyear Tire & Rubber
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.
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