Goodyear Sets Preferred Dividend

Tire maker Goodyear Tire & Rubber  (NASDAQ: GT  )  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. 

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