CIBC World Markets Inc. Lowers Stock Holdings in Goodyear Tire & Rubber Co (NASDAQ:GT)

CIBC World Markets Inc. lowered its stake in shares of Goodyear Tire & Rubber Co (NASDAQ:GT) by 57.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 29,450 shares of the company’s stock after selling 40,110 shares during the quarter. CIBC World Markets Inc.’s holdings in Goodyear Tire & Rubber were worth $535,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CWM Advisors LLC increased its holdings in shares of Goodyear Tire & Rubber by 12.6% in the fourth quarter. CWM Advisors LLC now owns 13,263 shares of the company’s stock valued at $271,000 after purchasing an additional 1,479 shares during the period. Deutsche Bank AG boosted its stake in shares of Goodyear Tire & Rubber by 14.3% in the fourth quarter. Deutsche Bank AG now owns 1,012,714 shares of the company’s stock worth $20,665,000 after buying an additional 126,642 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Goodyear Tire & Rubber by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 3,515,759 shares of the company’s stock worth $71,647,000 after buying an additional 226,311 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Goodyear Tire & Rubber by 14.8% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 60,931 shares of the company’s stock worth $1,244,000 after buying an additional 7,842 shares during the last quarter. Finally, Smith Graham & Co. Investment Advisors LP boosted its stake in shares of Goodyear Tire & Rubber by 7.9% in the fourth quarter. Smith Graham & Co. Investment Advisors LP now owns 240,564 shares of the company’s stock worth $4,910,000 after buying an additional 17,554 shares during the last quarter. Institutional investors own 84.91% of the company’s stock.

Several equities analysts have issued reports on GT shares. BidaskClub cut Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research report on Saturday, May 4th. Longbow Research restated a “sell” rating and set a $14.00 target price on shares of Goodyear Tire & Rubber in a report on Wednesday, April 24th. KeyCorp started coverage on shares of Goodyear Tire & Rubber in a research note on Wednesday, May 22nd. They issued a “sector weight” rating and a $14.93 price objective for the company. ValuEngine lowered shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Saturday, March 9th. Finally, Morgan Stanley set a $15.00 target price on shares of Goodyear Tire & Rubber and gave the stock a “hold” rating in a report on Thursday, May 16th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. Goodyear Tire & Rubber currently has an average rating of “Hold” and an average price target of $20.74.

Shares of NASDAQ GT traded down $0.04 during trading hours on Monday, hitting $15.26. 2,248,527 shares of the company traded hands, compared to its average volume of 4,512,396. The company has a market capitalization of $3.55 billion, a PE ratio of 6.58 and a beta of 1.74. The company has a quick ratio of 0.70, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The firm’s 50 day moving average is $15.09. Goodyear Tire & Rubber Co has a 12 month low of $13.23 and a 12 month high of $25.41.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Friday, April 26th. The company reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.14. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Goodyear Tire & Rubber had a return on equity of 9.59% and a net margin of 3.65%. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS. Sell-side analysts forecast that Goodyear Tire & Rubber Co will post 1.79 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 4.19%. The ex-dividend date was Tuesday, April 30th. Goodyear Tire & Rubber’s dividend payout ratio is 27.59%.

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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