The Goodyear Tire & Rubber Company (NASDAQ:GT) Short Interest Up 11.3% in August

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 17,860,000 shares, an increase of 11.3% from the August 15th total of 16,040,000 shares. Based on an average daily trading volume, of 4,780,000 shares, the short-interest ratio is currently 3.7 days. Currently, 6.3% of the company’s stock are short sold.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently bought and sold shares of GT. Family Firm Inc. purchased a new stake in Goodyear Tire & Rubber in the 2nd quarter worth approximately $26,000. Newbridge Financial Services Group Inc. acquired a new position in Goodyear Tire & Rubber in the 4th quarter worth $28,000. Mather Group LLC. raised its stake in shares of Goodyear Tire & Rubber by 4,526.3% in the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after purchasing an additional 2,580 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $33,000. Finally, Beach Investment Counsel Inc. PA acquired a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at about $40,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Morgan Stanley started coverage on shares of Goodyear Tire & Rubber in a research report on Thursday, June 13th. They set an “equal weight” rating and a $14.00 target price for the company. Finally, StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Moderate Buy” and a consensus target price of $17.23.

Goodyear Tire & Rubber Stock Performance

GT stock traded up $0.09 during trading on Wednesday, reaching $8.10. The company had a trading volume of 916,494 shares, compared to its average volume of 3,917,889. The firm has a 50-day simple moving average of $9.45 and a 200-day simple moving average of $11.25. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -3.58 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 twelve month low of $7.27 and a twelve month high of $15.24.

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

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.