Traynor Capital Management Inc. cut its position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 5.1% during the second quarter, Holdings Channel reports. The fund owned 8,279 shares of the company’s stock after selling 445 shares during the period. Traynor Capital Management Inc.’s holdings in The Goodyear Tire & Rubber were worth $294,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of The Goodyear Tire & Rubber by 3,674.6% in the first quarter. BlackRock Inc. now owns 22,277,221 shares of the company’s stock worth $801,980,000 after buying an additional 21,687,034 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of The Goodyear Tire & Rubber by 79.6% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 7,021,395 shares of the company’s stock worth $252,770,000 after buying an additional 3,111,559 shares during the last quarter. Sound Shore Management Inc. CT purchased a new position in shares of The Goodyear Tire & Rubber during the second quarter worth approximately $101,396,000. FMR LLC boosted its position in shares of The Goodyear Tire & Rubber by 173.3% in the first quarter. FMR LLC now owns 3,083,621 shares of the company’s stock worth $111,011,000 after buying an additional 1,955,403 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of 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 worth $46,633,000 after buying an additional 1,110,842 shares during the last quarter. Institutional investors own 92.91% of the company’s stock.

Shares of The Goodyear Tire & Rubber Company (GT) opened at 30.27 on Friday. The firm has a market capitalization of $7.62 billion, a P/E ratio of 6.59 and a beta of 1.53. The company has a 50-day moving average price of $34.08 and a 200-day moving average price of $34.47. The Goodyear Tire & Rubber Company has a 12-month low of $26.82 and a 12-month high of $37.20.

The Goodyear Tire & Rubber (NASDAQ:GT) last released 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 Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. The Goodyear Tire & Rubber’s revenue was down 5.0% compared to the same quarter last year. Equities analysts predict that The Goodyear Tire & Rubber Company will post $3.11 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, July 28th. The Goodyear Tire & Rubber’s payout ratio is 8.77%.

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A number of research firms recently weighed in on GT. Jefferies Group LLC set a $36.00 price objective on The Goodyear Tire & Rubber and gave the company a “buy” rating in a report on Monday, August 7th. Morgan Stanley restated an “overweight” rating and issued a $46.00 price objective (down from $52.00) on shares of The Goodyear Tire & Rubber in a report on Wednesday, August 2nd. BidaskClub downgraded The Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Goldman Sachs Group, Inc. (The) set a $29.00 price objective on The Goodyear Tire & Rubber and gave the company a “hold” rating in a report on Tuesday, August 1st. Finally, Zacks Investment Research downgraded The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $38.10.

In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $35.46, for a total value of $221,625.00. Following the transaction, the insider now owns 71,849 shares in the company, valued at $2,547,765.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by 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.

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

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