The Goodyear Tire & Rubber Company (NASDAQ:GT) Short Interest Down 10.2% in November

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of a significant decrease in short interest during the month of 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. Currently, 8.6% of the shares of the company are sold short. Based on an average daily volume of 5,300,000 shares, the days-to-cover ratio is presently 4.3 days.

Analyst Ratings Changes

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

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT traded down $0.26 on Tuesday, hitting $10.74. The company’s stock had a trading volume of 6,489,777 shares, compared to its average volume of 4,315,675. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $15.24. 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 company has a market capitalization of $3.06 billion, a PE ratio of -10.54 and a beta of 1.77. The company has a 50-day simple moving average of $8.95 and a 200 day simple moving average of $9.84.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.12. The business had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. Goodyear Tire & Rubber’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. Sell-side analysts forecast that Goodyear Tire & Rubber will post 1.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its position in shares of Goodyear Tire & Rubber by 11.0% during the 3rd quarter. Franklin Resources Inc. now owns 135,131 shares of the company’s stock valued at $1,139,000 after purchasing an additional 13,349 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Goodyear Tire & Rubber during the third quarter worth about $45,000. Geode Capital Management LLC increased its holdings in Goodyear Tire & Rubber by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock valued at $62,438,000 after purchasing an additional 86,227 shares during the period. M&T Bank Corp purchased a new position in Goodyear Tire & Rubber during the 3rd quarter valued at $393,000. Finally, Barclays PLC raised its holdings in Goodyear Tire & Rubber by 158.6% in the 3rd quarter. Barclays PLC now owns 975,634 shares of the company’s stock worth $8,635,000 after purchasing an additional 598,330 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

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.