Korea Investment CORP raised its position in The Goodyear Tire & Rubber Company (NASDAQ:GT) by 42.2% during the second quarter, Holdings Channel reports. The fund owned 191,800 shares of the company’s stock after buying an additional 56,900 shares during the period. Korea Investment CORP’s holdings in The Goodyear Tire & Rubber were worth $6,705,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GT. Financial Architects Inc increased its stake in The Goodyear Tire & Rubber by 2.2% in the second quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock worth $124,000 after buying an additional 75 shares during the last quarter. First Quadrant L P CA acquired a new stake in The Goodyear Tire & Rubber during the second quarter worth approximately $130,000. Washington Trust Bank raised its stake in The Goodyear Tire & Rubber by 46.3% in the second quarter. Washington Trust Bank now owns 3,885 shares of the company’s stock worth $136,000 after buying an additional 1,230 shares in the last quarter. Exane Derivatives raised its stake in The Goodyear Tire & Rubber by 204,800.0% in the second quarter. Exane Derivatives now owns 4,098 shares of the company’s stock worth $143,000 after buying an additional 4,096 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in The Goodyear Tire & Rubber by 21.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,077 shares of the company’s stock worth $147,000 after buying an additional 716 shares in the last quarter. Institutional investors and hedge funds own 92.91% of the company’s stock.

The Goodyear Tire & Rubber Company (NASDAQ GT) opened at 30.43 on Friday. The company’s 50-day moving average is $34.17 and its 200-day moving average is $34.47. The Goodyear Tire & Rubber Company has a 12 month low of $26.82 and a 12 month high of $37.20. 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 announced its quarterly earnings results on Friday, July 28th. The company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.70 billion. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The business’s revenue was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. Equities analysts anticipate that The Goodyear Tire & Rubber Company will post $3.11 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, July 28th. This represents a $0.40 annualized dividend and a yield of 1.31%. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is currently 8.77%.

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GT has been the topic of a number of recent analyst reports. BidaskClub lowered shares of The Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Guggenheim initiated coverage on shares of The Goodyear Tire & Rubber in a report on Wednesday, June 21st. They set a “buy” rating and a $39.00 price target on the stock. Zacks Investment Research lowered shares of The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Jefferies Group LLC upgraded shares of The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a report on Tuesday, June 20th. Finally, CLSA initiated coverage on shares of The Goodyear Tire & Rubber in a report on Wednesday, June 21st. They set a “buy” rating and a $39.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. The company presently 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 firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $35.29, for a total transaction of $220,562.50. Following the sale, the insider now directly owns 78,099 shares in the company, valued at approximately $2,756,113.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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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