The Goodyear Tire & Rubber Company (NASDAQ:GT) Short Interest Down 11.1% in September

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 15,880,000 shares, a decline of 11.1% from the August 31st total of 17,860,000 shares. Currently, 5.6% of the company’s shares are sold short. Based on an average daily trading volume, of 5,080,000 shares, the days-to-cover ratio is currently 3.1 days.

Goodyear Tire & Rubber Trading Up 5.0 %

Shares of GT stock opened at $8.77 on Friday. The stock has a fifty day moving average of $8.89 and a two-hundred day moving average of $11.04. The firm has a market capitalization of $2.50 billion, a PE ratio of -3.88 and a beta of 1.70. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.10. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.34) earnings per share. As a group, research analysts expect that Goodyear Tire & Rubber will post 1.06 EPS for the current year.

Institutional Trading of Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC increased its position in Goodyear Tire & Rubber by 41.6% in the 1st quarter. Tidal Investments LLC now owns 63,967 shares of the company’s stock worth $878,000 after buying an additional 18,790 shares during the period. Bank of New York Mellon Corp increased its holdings in Goodyear Tire & Rubber by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,715,149 shares of the company’s stock valued at $30,817,000 after purchasing an additional 71,410 shares in the last quarter. National Bank of Canada FI raised 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 purchasing an additional 1,611,966 shares during the last quarter. Edgestream Partners L.P. boosted its stake in Goodyear Tire & Rubber by 1,011.8% in the second quarter. Edgestream Partners L.P. now owns 634,077 shares of the company’s stock worth $7,197,000 after purchasing an additional 577,045 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Goodyear Tire & Rubber by 132.2% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 224,158 shares of the company’s stock worth $3,077,000 after purchasing an additional 127,610 shares during the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. StockNews.com lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. 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. Finally, Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.23.

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.