Director Max Mitchell Acquires 42,000 Shares of Goodyear Tire & Rubber Co
In a recent transaction filed with the SEC, Max Mitchell, a director of Goodyear Tire & Rubber Co (NASDAQ:GT), has purchased 42,000 shares of the company's stock. The transaction took place on February 15, 2024, as indicated in the SEC Filing. This insider transaction adds to the total number of shares the insider has acquired over the past year, which now stands at 42,000 shares, with no recorded sales of shares by the insider during the same period.
Goodyear Tire & Rubber Co is a well-known manufacturer of tires for various applications, including automobiles, commercial trucks, light trucks, SUVs, race cars, airplanes, farm equipment, and heavy earth-moving machinery. The company also provides automotive and commercial truck maintenance and repair services, and sells tires through its network of approximately 1,000 tire and auto service center outlets.
Insider buying and selling activities are closely monitored by investors as they can provide insights into a company's internal perspective. An insider purchase can suggest that the company's executives or directors are confident in the future prospects of the business and consider the stock to be undervalued.
The insider transaction history for Goodyear Tire & Rubber Co shows a total of 1 insider buy over the past year, compared to 2 insider sells in the same timeframe. This activity can be visualized in the following insider trend image:
On the valuation front, Goodyear Tire & Rubber Co's shares were trading at $12.15 on the day of the insider's purchase, resulting in a market cap of $3.495 billion. The stock's price-to-GF-Value ratio stands at 0.87, with a GF Value of $14.03, indicating that the stock is modestly undervalued according to GuruFocus' intrinsic value estimate.
The GF Value is determined by considering historical trading multiples, a GuruFocus adjustment factor based on the company's historical returns and growth, and future business performance estimates provided by Morningstar analysts. The GF Value for Goodyear Tire & Rubber Co is depicted in the image below:
Investors and analysts often look to insider transactions as a piece of the puzzle when assessing a company's financial health and future performance. The recent purchase by Director Max Mitchell may be seen as a positive sign for Goodyear Tire & Rubber Co's stock.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
