In trading on Monday, shares of Goodyear Tire & Rubber Co.'s 5.875% Mandatory Convertible Preferred Stock (NASD: GTPPP) were yielding above the 6% mark based on its quarterly dividend (annualized to $2.9375), with shares changing hands as low as $48.78 on the day. As of last close, GTPPP was trading at a 1.38% discount to its liquidation preference amount. It should be noted that the preferred shares are convertible, with a conversion ratio of 2.7454 to 3.4317.
Goodyear Tire & Rubber Co.'s Mandatory Convertible Preferred Stock Yield Pushes Past 6%
Forbes - 20 May 2013 20:29
In trading on Monday, shares of Goodyear Tire & Rubber Co.'s 5.875% Mandatory Convertible Preferred Stock (NASD: GTPPP) were yielding above the 6% mark based on its quarterly dividend (annualized to $2.9375), with shares changing hands as low as $48.78 on the day. As of last close, GTPPP was trading at a 1.38% discount to its liquidation preference amount. It should be noted that the preferred shares are convertible, with a conversion ratio of 2.7454 to 3.4317.
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