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Goodyear has a good day

Wednesday, September 21, 2016 1:49
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(Before It's News)

Goodyear Tire & Rubber Co (NASDAQ:GT) shares ended up 5% on Thursday – reversing much of this year’s losses – after the company increased its dividend and reaffirmed its fiscal 2016 financial targets.

Goodyear’s Board said it will give a quarterly dividend of 10 cents a share of common stock, a 43% increase. The company said future dividends “will be subject to board approval.”

The company also reaffirmed its financial targets, which include $3bn in annual segment operating income in 2020 and cumulative free cash flow in the range of $4.3bn to $4.9bn from 2017 to 2020.

Goodyear also updated its capital allocation plan to up to $4bn.

Goodyear shares closed up 5.1% at $32.39. The stock was down 5% in 2016.

Story by ProactiveInvestors

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