Goodyear Sets Preferred Dividend
Tire maker Goodyear Tire & Rubber announced yesterday its second-quarter dividend of $0.7344 cents per share on its 5.875% mandatory convertible preferred stock that trades on the NYSE under the symbol GT.PRA.
The board of directors said the quarterly dividend is payable on July 1 to the holders of record at the close of business on June 14. The preferreds have a liquidation preference of $50 per share, plus an amount equal to the sum of all accrued and unpaid dividends. Each share of the mandatory convertible preferred stock will automatically convert on April 1, 2014, into between 2.7454 and 3.4317 shares of its common stock. The payout represents an annual rate of $2.9375 per share.
Goodyear, which remains one of the world's largest tire makers, does not pay a regular dividend on its common stock.
The article Goodyear Sets Preferred Dividend originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.