Sound Shore Management Inc. CT purchased a new stake in The Goodyear Tire & Rubber Company (NASDAQ:GT) during the second quarter, according to its most recent filing with the SEC. The fund purchased 2,900,356 shares of the company’s stock, valued at approximately $101,396,000.

Several other institutional investors have also bought and sold shares of the company. Pioneer Investment Management Inc. increased its position 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 buying an additional 10,572 shares in the last quarter. British Columbia Investment Management Corp increased its position in shares of The Goodyear Tire & Rubber by 60.2% in the first quarter. British Columbia Investment Management Corp now owns 272,679 shares of the company’s stock worth $9,816,000 after buying an additional 102,488 shares during the period. Parkwood LLC increased its position in shares of The Goodyear Tire & Rubber by 19.2% in the first quarter. Parkwood LLC now owns 23,982 shares of the company’s stock worth $863,000 after buying an additional 3,860 shares during the period. Summit Securities Group LLC increased its position in shares of The Goodyear Tire & Rubber by 890.9% in the first quarter. Summit Securities Group LLC now owns 95,428 shares of the company’s stock worth $3,435,000 after buying an additional 85,798 shares during the period. Finally, Mutual of America Capital Management LLC increased its position in shares of 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 worth $1,214,000 after buying an additional 5,539 shares during the period. 92.91% of the stock is currently owned by hedge funds and other institutional investors.

Shares of The Goodyear Tire & Rubber Company (NASDAQ GT) opened at 30.43 on Friday. The Goodyear Tire & Rubber Company has a 1-year low of $26.82 and a 1-year high of $37.20. The stock has a 50 day moving average of $34.17 and a 200-day moving average of $34.47. The stock has a market capitalization of $7.66 billion, a P/E ratio of 6.63 and a beta of 1.53.

The Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.70 billion. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The company’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 EPS. Equities research analysts predict that The Goodyear Tire & Rubber Company will post $3.11 earnings per share for the current fiscal year.

The company 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 dividend of $0.10 per share. The ex-dividend date is Friday, July 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.31%. The Goodyear Tire & Rubber’s dividend payout ratio is currently 8.77%.

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A number of equities analysts have commented on GT shares. Morgan Stanley raised shares of The Goodyear Tire & Rubber from an “underweight” rating to an “overweight” rating in a research note on Thursday, June 1st. Zacks Investment Research raised shares of The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Monday, April 17th. Jefferies Group LLC set a $40.00 target price on shares of The Goodyear Tire & Rubber and gave the stock a “hold” rating in a research note on Monday, May 8th. ValuEngine downgraded shares of The Goodyear Tire & Rubber from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Finally, BidaskClub downgraded shares of The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Two investment 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 presently has a consensus rating of “Hold” and an average price target of $38.10.

In other news, insider Stephen R. Mcclellan sold 6,250 shares of The Goodyear Tire & Rubber stock in a transaction that occurred 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 sale, the insider now owns 71,849 shares in the company, valued at $2,547,765.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.40% of the company’s stock.

About The Goodyear Tire & Rubber

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.

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

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