Short Interest in Goodyear Tire & Rubber Co (NASDAQ:GT) Grows By 20.9%

Goodyear Tire & Rubber Co (NASDAQ:GT) saw a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 9,718,600 shares, an increase of 20.9% from the June 30th total of 8,039,400 shares. Based on an average daily volume of 3,870,000 shares, the short-interest ratio is presently 2.5 days. Approximately 4.2% of the shares of the company are short sold.

Shares of NASDAQ GT traded down $0.63 during midday trading on Wednesday, reaching $11.29. 4,828,000 shares of the company traded hands, compared to its average volume of 4,323,988. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 4.87 and a beta of 1.71. The business’s 50-day moving average price is $14.14. Goodyear Tire & Rubber has a 12 month low of $11.15 and a 12 month high of $24.85. The company has a current ratio of 1.33, a quick ratio of 0.73 and a debt-to-equity ratio of 1.27.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Friday, July 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.06). The company had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.77 billion. Goodyear Tire & Rubber had a net margin of 3.02% and a return on equity of 7.66%. The firm’s revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.62 earnings per share. Equities analysts expect that Goodyear Tire & Rubber will post 1.55 earnings per share for the current fiscal year.



The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be issued a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.67%. Goodyear Tire & Rubber’s dividend payout ratio is 27.59%.

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Goodyear Tire & Rubber by 46.9% in the first quarter. BlackRock Inc. now owns 24,518,651 shares of the company’s stock worth $445,017,000 after purchasing an additional 7,827,837 shares during the period. AJO LP increased its position in Goodyear Tire & Rubber by 295.0% in the first quarter. AJO LP now owns 2,187,264 shares of the company’s stock worth $39,699,000 after purchasing an additional 1,633,511 shares during the period. Marshall Wace North America L.P. acquired a new stake in Goodyear Tire & Rubber in the second quarter worth about $20,306,000. Marshall Wace LLP acquired a new stake in Goodyear Tire & Rubber in the second quarter worth about $7,010,000. Finally, American International Group Inc. increased its position in Goodyear Tire & Rubber by 457.1% in the first quarter. American International Group Inc. now owns 463,176 shares of the company’s stock worth $8,407,000 after purchasing an additional 380,033 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have commented on the company. Citigroup lowered their price target on Goodyear Tire & Rubber from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, July 30th. Morgan Stanley set a $14.00 price target on Goodyear Tire & Rubber and gave the company a “hold” rating in a report on Wednesday, June 26th. BidaskClub downgraded Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Saturday. KeyCorp assumed coverage on Goodyear Tire & Rubber in a report on Wednesday, May 22nd. They set a “sector weight” rating and a $14.93 price target on the stock. Finally, ValuEngine downgraded Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus price target of $19.46.

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. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

See Also: Hold Rating

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