The Goodyear Tire & Rubber Company (NASDAQ:GT) Short Interest Up 6.4% in October

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 25,120,000 shares, an increase 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. Approximately 9.6% of the shares of the company are sold short.

Analysts Set New Price Targets

Several brokerages recently issued reports on GT. Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Wednesday, November 13th.

Goodyear Tire & Rubber Trading Up 0.5 %

GT stock traded up $0.05 during midday trading on Monday, hitting $9.32. 3,127,531 shares of the company’s stock were exchanged, compared to its average volume of 4,300,380. Goodyear Tire & Rubber has a one year low of $7.27 and a one year high of $15.24. The stock’s fifty day moving average price is $8.53 and its 200-day moving average price is $10.04. The company has a market cap of $2.66 billion, a PE ratio of -8.96 and a beta of 1.69. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14.

Goodyear Tire & Rubber (NASDAQ:GT) last released 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 firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The business’s 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. Research analysts predict that Goodyear Tire & Rubber will post 1.08 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 3,921.7% in the third quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock worth $42,051,000 after acquiring an additional 4,633,368 shares during the last quarter. National Bank of Canada FI increased its position in Goodyear Tire & Rubber by 2,944.7% in the 1st quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock valued at $21,600,000 after acquiring an additional 1,611,966 shares during the period. AQR Capital Management LLC raised its position in Goodyear Tire & Rubber by 91.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,536,252 shares of the company’s stock worth $28,203,000 after purchasing an additional 1,211,519 shares during the last quarter. American Century Companies Inc. grew its position in shares of Goodyear Tire & Rubber by 16.2% in the 2nd quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock valued at $82,376,000 after buying an additional 1,013,550 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Goodyear Tire & Rubber by 2.6% in 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. Institutional investors own 84.19% of the company’s stock.

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.