CIBC Asset Management Inc Sells 10,483 Shares of Goodyear Tire & Rubber Co (GT)

CIBC Asset Management Inc lessened its position in Goodyear Tire & Rubber Co (NASDAQ:GT) by 46.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,260 shares of the company’s stock after selling 10,483 shares during the quarter. CIBC Asset Management Inc’s holdings in Goodyear Tire & Rubber were worth $223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GT. American International Group Inc. grew its position in Goodyear Tire & Rubber by 457.1% in the 1st quarter. American International Group Inc. now owns 463,176 shares of the company’s stock worth $8,407,000 after purchasing an additional 380,033 shares during the last quarter. State Treasurer State of Michigan boosted its position in shares of Goodyear Tire & Rubber by 24.1% during the 1st quarter. State Treasurer State of Michigan now owns 82,816 shares of the company’s stock valued at $1,503,000 after acquiring an additional 16,100 shares in the last quarter. Hammer Asset Management LLC boosted its position in shares of Goodyear Tire & Rubber by 14.4% during the 1st quarter. Hammer Asset Management LLC now owns 79,686 shares of the company’s stock valued at $1,446,000 after acquiring an additional 10,000 shares in the last quarter. First Allied Advisory Services Inc. boosted its position in shares of Goodyear Tire & Rubber by 7.9% during the 1st quarter. First Allied Advisory Services Inc. now owns 27,274 shares of the company’s stock valued at $502,000 after acquiring an additional 2,005 shares in the last quarter. Finally, Sound Shore Management Inc. CT boosted its position in shares of Goodyear Tire & Rubber by 4.6% during the 1st quarter. Sound Shore Management Inc. CT now owns 6,578,014 shares of the company’s stock valued at $119,391,000 after acquiring an additional 291,388 shares in the last quarter. Hedge funds and other institutional investors own 85.30% of the company’s stock.

Several analysts have recently weighed in on GT shares. Morgan Stanley set a $19.00 target price on shares of Goodyear Tire & Rubber and gave the company a “hold” rating in a research report on Tuesday, January 29th. Zacks Investment Research lowered shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 5th. Jefferies Financial Group reiterated a “buy” rating and set a $25.00 target price on shares of Goodyear Tire & Rubber in a research report on Tuesday, February 5th. ValuEngine lowered shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research report on Friday, February 8th. Finally, Longbow Research lowered shares of Goodyear Tire & Rubber from a “neutral” rating to an “underperform” rating and set a $14.00 target price on the stock. in a research report on Monday, February 11th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $20.77.

Shares of GT stock opened at $14.64 on Monday. Goodyear Tire & Rubber Co has a 12-month low of $14.44 and a 12-month high of $25.82. The stock has a market cap of $3.40 billion, a P/E ratio of 7.32, a PEG ratio of -1.49 and a beta of 1.51. The company has a quick ratio of 0.70, a current ratio of 1.28 and a debt-to-equity ratio of 1.10.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Friday, April 26th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.14. Goodyear Tire & Rubber had a net margin of 3.65% and a return on equity of 9.59%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period last year, the firm posted $0.50 EPS. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. On average, equities research analysts expect that Goodyear Tire & Rubber Co will post 2.01 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Tuesday, April 30th. Goodyear Tire & Rubber’s dividend payout ratio is currently 27.59%.

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Goodyear Tire & Rubber Company Profile

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

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