Sumitomo Mitsui Asset Management Company LTD Lowers Stake in The Goodyear Tire & Rubber Company (GT)

Sumitomo Mitsui Asset Management Company LTD decreased its stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 12.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,010 shares of the company’s stock after selling 2,892 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in The Goodyear Tire & Rubber were worth $699,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in GT. Thrivent Financial for Lutherans raised its stake in The Goodyear Tire & Rubber by 5.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,140 shares of the company’s stock worth $282,000 after buying an additional 510 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of The Goodyear Tire & Rubber by 51.9% in the fourth quarter. Macquarie Group Ltd. now owns 98,450 shares of the company’s stock valued at $3,039,000 after buying an additional 33,650 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in shares of The Goodyear Tire & Rubber by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 77,860 shares of the company’s stock valued at $2,802,000 after buying an additional 800 shares in the last quarter. Bank of Montreal Can raised its stake in shares of The Goodyear Tire & Rubber by 5.2% in the first quarter. Bank of Montreal Can now owns 94,973 shares of the company’s stock valued at $3,419,000 after buying an additional 4,709 shares in the last quarter. Finally, Capstone Asset Management Co. raised its stake in shares of The Goodyear Tire & Rubber by 13.3% in the first quarter. Capstone Asset Management Co. now owns 38,440 shares of the company’s stock valued at $1,384,000 after buying an additional 4,515 shares in the last quarter. 94.10% of the stock is owned by institutional investors and hedge funds.

The Goodyear Tire & Rubber Company (GT) traded down 0.53% on Friday, reaching $29.75. 1,851,976 shares of the company traded hands. The stock has a 50-day moving average of $33.47 and a 200 day moving average of $34.42. The company has a market capitalization of $7.49 billion, a PE ratio of 6.48 and a beta of 1.53. The Goodyear Tire & Rubber Company has a 52-week low of $26.82 and a 52-week high of $37.20.

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 Zacks’ consensus estimate of $0.75 by $0.05. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same period last year, the company posted $1.16 EPS. The Goodyear Tire & Rubber’s revenue for the quarter was down 5.0% on a year-over-year basis. On average, equities analysts forecast that The Goodyear Tire & Rubber Company will post $3.10 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.34%. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is 8.77%.

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GT has been the topic of several recent research reports. Zacks Investment Research lowered The Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Monday, April 24th. Jefferies Group LLC set a $40.00 price target on The Goodyear Tire & Rubber and gave the company a “hold” rating in a research report on Monday, May 8th. Morgan Stanley raised The Goodyear Tire & Rubber from an “underweight” rating to an “overweight” rating in a research report on Thursday, June 1st. Guggenheim assumed coverage on The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They set a “buy” rating and a $39.00 target price on the stock. Finally, CLSA began coverage on The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They set a “buy” rating and a $39.00 target price on the stock. 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 company. The Goodyear Tire & Rubber presently has a consensus rating of “Hold” and a consensus price target of $38.10.

In related news, insider Stephen R. Mcclellan sold 6,250 shares of the company’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $35.46, for a total transaction of $221,625.00. Following the completion of the sale, the insider now directly owns 71,849 shares in the company, valued at approximately $2,547,765.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 12,789 shares of company stock valued at $450,950 in the last ninety days. 1.40% of the stock is owned by corporate insiders.

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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