The Goodyear Tire & Rubber Company (NASDAQ:GT) Short Interest Update

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 15,880,000 shares, a drop of 11.1% from the August 31st total of 17,860,000 shares. Currently, 5.6% of the company’s shares are sold short. Based on an average daily volume of 5,080,000 shares, the days-to-cover ratio is presently 3.1 days.

Analyst Ratings Changes

GT has been the subject of a number of recent research reports. Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Morgan Stanley initiated coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price target on the stock. Finally, StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.23.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Goodyear Tire & Rubber by 2.6% during the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock valued at $410,082,000 after buying an additional 765,529 shares during the period. Wellington Management Group LLP lifted its position in Goodyear Tire & Rubber by 48.2% during the 4th quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock valued at $214,499,000 after acquiring an additional 4,870,381 shares during the period. American Century Companies Inc. boosted its stake in Goodyear Tire & Rubber by 16.2% during the second quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after acquiring an additional 1,013,550 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Goodyear Tire & Rubber by 9.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,180,322 shares of the company’s stock worth $59,862,000 after purchasing an additional 353,758 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Goodyear Tire & Rubber by 3.9% during the first quarter. Jacobs Levy Equity Management Inc. now owns 3,977,383 shares of the company’s stock valued at $54,609,000 after purchasing an additional 148,566 shares in the last quarter. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Price Performance

Shares of GT stock opened at $8.85 on Tuesday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. The firm has a market cap of $2.52 billion, a P/E ratio of -3.92 and a beta of 1.70. The business’s 50 day moving average price is $8.83 and its 200-day moving average price is $11.00. Goodyear Tire & Rubber has a fifty-two week low of $7.27 and a fifty-two week high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the firm earned ($0.34) EPS. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Goodyear Tire & Rubber will post 1.06 earnings per share for the current year.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.