Massachusetts Financial Services Co. MA Sells 15,418 Shares of Goodyear Tire & Rubber Co (GT)

Massachusetts Financial Services Co. MA decreased its position in Goodyear Tire & Rubber Co (NASDAQ:GT) by 26.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,120 shares of the company’s stock after selling 15,418 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Goodyear Tire & Rubber were worth $1,009,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. LSV Asset Management boosted its holdings in Goodyear Tire & Rubber by 2.1% during the second quarter. LSV Asset Management now owns 11,346,089 shares of the company’s stock worth $264,250,000 after buying an additional 235,125 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in Goodyear Tire & Rubber by 5.3% during the second quarter. Diamond Hill Capital Management Inc. now owns 8,234,533 shares of the company’s stock worth $191,782,000 after buying an additional 413,565 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Goodyear Tire & Rubber by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 6,903,172 shares of the company’s stock worth $160,787,000 after buying an additional 290,006 shares during the last quarter. Sound Shore Management Inc. CT boosted its holdings in Goodyear Tire & Rubber by 15.5% during the second quarter. Sound Shore Management Inc. CT now owns 5,815,665 shares of the company’s stock worth $135,447,000 after buying an additional 778,961 shares during the last quarter. Finally, Levin Capital Strategies L.P. boosted its holdings in Goodyear Tire & Rubber by 199.2% during the second quarter. Levin Capital Strategies L.P. now owns 3,752,409 shares of the company’s stock worth $87,394,000 after buying an additional 2,498,420 shares during the last quarter. Institutional investors and hedge funds own 88.76% of the company’s stock.

Several equities analysts have recently weighed in on the company. Argus cut their price objective on Goodyear Tire & Rubber from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 31st. Morgan Stanley cut Goodyear Tire & Rubber from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $33.00 to $23.00 in a report on Monday, August 13th. Jefferies Financial Group reiterated a “buy” rating and set a $32.00 price objective on shares of Goodyear Tire & Rubber in a report on Friday, July 13th. Berenberg Bank cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $23.00 price objective on the stock. in a report on Friday, August 31st. Finally, Guggenheim reiterated a “hold” rating and set a $21.00 price objective on shares of Goodyear Tire & Rubber in a report on Friday, July 20th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $27.88.

NASDAQ:GT opened at $21.99 on Friday. Goodyear Tire & Rubber Co has a fifty-two week low of $19.25 and a fifty-two week high of $36.07. The company has a current ratio of 1.34, a quick ratio of 0.76 and a debt-to-equity ratio of 1.12. The stock has a market cap of $5.17 billion, a PE ratio of 7.05 and a beta of 1.73.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Friday, October 26th. The company reported $0.68 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.08). Goodyear Tire & Rubber had a net margin of 3.11% and a return on equity of 13.84%. The firm had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same period in the prior year, the business posted $0.70 EPS. The firm’s quarterly revenue was up .2% compared to the same quarter last year. As a group, equities analysts expect that Goodyear Tire & Rubber Co will post 2.71 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 1st will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, October 31st. Goodyear Tire & Rubber’s dividend payout ratio is presently 20.51%.

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About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It 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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