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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 22,570,000 shares, a decrease of 10.2% from the October 31st total of 25,120,000 shares. Based on an average daily volume of 5,300,000 shares, the days-to-cover ratio is presently 4.3 days. Currently, 8.6% of the company’s stock are short sold.

Goodyear Tire & Rubber Stock Down 2.4 %

GT stock traded down $0.26 during trading on Tuesday, hitting $10.74. 6,489,777 shares of the stock traded hands, compared to its average volume of 4,315,675. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.14 and a quick ratio of 0.65. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of -10.54 and a beta of 1.77. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $15.24. The firm’s 50 day moving average is $8.95 and its two-hundred day moving average is $9.84.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. On average, sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.09 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Family Firm Inc. bought a new position in Goodyear Tire & Rubber in the second quarter valued at about $26,000. Mather Group LLC. lifted its stake in shares of Goodyear Tire & Rubber by 4,526.3% in the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after purchasing an additional 2,580 shares during the period. Beach Investment Counsel Inc. PA purchased a new position in shares of Goodyear Tire & Rubber in the second quarter worth approximately $40,000. Sound Income Strategies LLC grew its position in Goodyear Tire & Rubber by 2,122.5% during the third quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock valued at $35,000 after buying an additional 3,778 shares during the period. Finally, MUFG Securities EMEA plc purchased a new stake in Goodyear Tire & Rubber during the second quarter valued at approximately $57,000. 84.19% of the stock is owned by institutional investors.

About Goodyear Tire & Rubber

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.