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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 25,120,000 shares, a growth of 6.4% from the October 15th total of 23,600,000 shares. Based on an average daily volume of 5,470,000 shares, the days-to-cover ratio is currently 4.6 days. Currently, 9.6% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

GT has been the topic of a number of recent analyst reports. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th.

Institutional Trading of Goodyear Tire & Rubber

Several institutional investors have recently modified their holdings of the business. ProShare Advisors LLC increased its position in shares of Goodyear Tire & Rubber by 4.7% during the first quarter. ProShare Advisors LLC now owns 64,454 shares of the company’s stock worth $885,000 after buying an additional 2,901 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Goodyear Tire & Rubber by 27.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 115,130 shares of the company’s stock valued at $1,581,000 after purchasing an additional 24,587 shares during the period. Vanguard Group Inc. boosted its position in shares of Goodyear Tire & Rubber by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock valued at $410,082,000 after purchasing an additional 765,529 shares in the last quarter. Edgestream Partners L.P. grew its position in shares of Goodyear Tire & Rubber by 61.6% during the 1st quarter. Edgestream Partners L.P. now owns 57,032 shares of the company’s stock worth $783,000 after buying an additional 21,741 shares during the period. Finally, Covestor Ltd increased its stake in Goodyear Tire & Rubber by 33.6% in the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock valued at $70,000 after purchasing an additional 1,284 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Down 2.1 %

NASDAQ:GT traded down $0.20 during trading hours on Tuesday, reaching $9.12. 1,264,953 shares of the company were exchanged, compared to its average volume of 4,286,830. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51. The business has a 50 day moving average of $8.53 and a 200 day moving average of $10.04. Goodyear Tire & Rubber has a 1-year low of $7.27 and a 1-year high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. The company had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, equities research analysts anticipate that Goodyear Tire & Rubber will post 1.08 EPS 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.