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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of a significant increase in short interest in 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. Currently, 9.6% of the company’s shares are short sold. Based on an average daily volume of 5,470,000 shares, the days-to-cover ratio is currently 4.6 days.

Analysts Set New Price Targets

A number of research firms have weighed in on GT. StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note 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.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC boosted its stake in 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 acquiring an additional 2,901 shares in the last quarter. State Board of Administration of Florida Retirement System grew 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 worth $1,581,000 after buying an additional 24,587 shares during the last quarter. Vanguard Group Inc. increased its position in 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 buying an additional 765,529 shares in the last quarter. Edgestream Partners L.P. increased its position in Goodyear Tire & Rubber by 61.6% during the 1st quarter. Edgestream Partners L.P. now owns 57,032 shares of the company’s stock valued at $783,000 after buying an additional 21,741 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in Goodyear Tire & Rubber by 33.6% in the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after acquiring an additional 1,284 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock traded up $0.05 on Monday, reaching $9.32. The stock had a trading volume of 3,127,531 shares, compared to its average volume of 4,300,380. The business’s 50 day moving average is $8.53 and its two-hundred day moving average is $10.04. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $15.24. The company has a market cap of $2.66 billion, a P/E ratio of -8.96 and a beta of 1.69.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating 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 company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. As a group, 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.