Wilsey Asset Management Inc. Takes $7.05 Million Position in The Goodyear Tire & Rubber Company (GT)

Wilsey Asset Management Inc. bought a new position in The Goodyear Tire & Rubber Company (NASDAQ:GT) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 211,907 shares of the company’s stock, valued at approximately $7,045,000. The Goodyear Tire & Rubber accounts for 4.5% of Wilsey Asset Management Inc.’s investment portfolio, making the stock its 14th biggest holding. Wilsey Asset Management Inc. owned approximately 0.08% of The Goodyear Tire & Rubber at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Thrivent Financial For Lutherans lifted its holdings in shares of The Goodyear Tire & Rubber by 1.5% during the first quarter. Thrivent Financial For Lutherans now owns 9,280 shares of the company’s stock valued at $334,000 after acquiring an additional 140 shares during the period. Renaissance Technologies LLC bought a new position in shares of The Goodyear Tire & Rubber during the first quarter valued at $11,398,000. Oppenheimer Asset Management Inc. bought a new position in shares of The Goodyear Tire & Rubber during the first quarter valued at $305,000. Credit Suisse AG lifted its holdings in shares of The Goodyear Tire & Rubber by 8.5% during the first quarter. Credit Suisse AG now owns 384,181 shares of the company’s stock valued at $13,830,000 after acquiring an additional 30,091 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in shares of The Goodyear Tire & Rubber by 16.9% during the first quarter. HighTower Advisors LLC now owns 8,337 shares of the company’s stock valued at $301,000 after acquiring an additional 1,203 shares during the period. 90.02% of the stock is owned by hedge funds and other institutional investors.

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The Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Friday, October 27th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.03. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.91 billion. The Goodyear Tire & Rubber had a return on equity of 15.88% and a net margin of 6.67%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.17 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be paid a $0.14 dividend. This is a boost from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.83%. The Goodyear Tire & Rubber’s dividend payout ratio is presently 14.47%.

In other news, insider Jean Claude Kihn sold 7,500 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $33.26, for a total value of $249,450.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders sold 15,501 shares of company stock valued at $507,866. Insiders own 1.40% of the company’s stock.

GT has been the subject of a number of analyst reports. BidaskClub cut The Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Zacks Investment Research cut The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Guggenheim cut The Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and set a $39.00 price objective for the company. in a report on Wednesday. KeyCorp reissued a “buy” rating and set a $37.00 price objective on shares of The Goodyear Tire & Rubber in a report on Thursday, October 12th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $36.00 price objective on shares of The Goodyear Tire & Rubber in a report on Thursday, October 12th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $37.55.

The Goodyear Tire & Rubber 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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