CIBC World Markets Inc. Has $4.54 Million Stake in The Goodyear Tire & Rubber Company (GT)

CIBC World Markets Inc. trimmed its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 5.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 129,771 shares of the company’s stock after selling 6,970 shares during the quarter. CIBC World Markets Inc. owned approximately 0.05% of The Goodyear Tire & Rubber worth $4,537,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GT. Pioneer Investment Management Inc. increased its stake in The Goodyear Tire & Rubber by 0.7% in the first quarter. Pioneer Investment Management Inc. now owns 1,448,785 shares of the company’s stock valued at $52,156,000 after purchasing an additional 10,572 shares during the last quarter. Parkwood LLC increased its stake in The Goodyear Tire & Rubber by 19.2% in the first quarter. Parkwood LLC now owns 23,982 shares of the company’s stock valued at $863,000 after purchasing an additional 3,860 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in The Goodyear Tire & Rubber by 19.7% in the first quarter. Mutual of America Capital Management LLC now owns 33,711 shares of the company’s stock valued at $1,214,000 after purchasing an additional 5,539 shares during the last quarter. Bar Harbor Trust Services increased its stake in The Goodyear Tire & Rubber by 4.8% in the first quarter. Bar Harbor Trust Services now owns 121,079 shares of the company’s stock valued at $4,359,000 after purchasing an additional 5,533 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in The Goodyear Tire & Rubber by 602.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,295,362 shares of the company’s stock valued at $46,633,000 after purchasing an additional 1,110,842 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

GT has been the subject of several analyst reports. Morgan Stanley upgraded The Goodyear Tire & Rubber from an “underweight” rating to an “overweight” rating in a research note on Thursday, June 1st. BidaskClub lowered The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. ValuEngine lowered The Goodyear Tire & Rubber from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research lowered The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Jefferies Group LLC upgraded The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a research note on Tuesday, June 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $38.10.

Shares of The Goodyear Tire & Rubber Company (GT) opened at 30.31 on Friday. The Goodyear Tire & Rubber Company has a 52-week low of $26.82 and a 52-week high of $37.20. The firm’s 50-day moving average price is $31.27 and its 200-day moving average price is $34.07. The stock has a market cap of $7.63 billion, a P/E ratio of 6.60 and a beta of 1.54.

The Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Friday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The Goodyear Tire & Rubber had a return on equity of 18.94% and a net margin of 7.95%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter in the prior year, the business posted $1.16 earnings per share. The Goodyear Tire & Rubber’s revenue was down 5.0% on a year-over-year basis. On average, equities research analysts forecast that The Goodyear Tire & Rubber Company will post $3.04 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were issued a dividend of $0.10 per share. The ex-dividend date was Friday, July 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.32%. The Goodyear Tire & Rubber’s dividend payout ratio is 8.77%.

In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the firm’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $35.46, for a total transaction of $221,625.00. Following the transaction, the insider now directly owns 71,849 shares in the company, valued at $2,547,765.54. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 6,751 shares of company stock valued at $236,741. 1.40% of the stock is owned by corporate insiders.

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The Goodyear Tire & Rubber Company 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 The Goodyear Tire & Rubber (NASDAQ:GT)

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