The Goodyear Tire & Rubber Company (NASDAQ:GT) Short Interest Update

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 22,730,000 shares, a decline of 10.7% from the November 30th total of 25,460,000 shares. Currently, 8.7% of the shares of the stock are short sold. Based on an average trading volume of 5,420,000 shares, the short-interest ratio is currently 4.2 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GT shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a research note on Friday, December 20th. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Finally, StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Goodyear Tire & Rubber has an average rating of “Hold” and an average target price of $13.30.

Goodyear Tire & Rubber Trading Up 2.7 %

NASDAQ:GT traded up $0.24 during mid-day trading on Wednesday, hitting $9.00. 3,482,586 shares of the company’s stock were exchanged, compared to its average volume of 4,325,393. Goodyear Tire & Rubber has a fifty-two week low of $7.27 and a fifty-two week high of $14.97. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $2.56 billion, a P/E ratio of -8.65 and a beta of 1.77. The company has a 50 day simple moving average of $9.40 and a 200-day simple moving average of $9.44.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly 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 firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 earnings per share. As a group, research analysts expect that Goodyear Tire & Rubber will post 1.09 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in shares of Goodyear Tire & Rubber by 3,921.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock valued at $42,051,000 after purchasing an additional 4,633,368 shares during the last quarter. AQR Capital Management LLC boosted its position in Goodyear Tire & Rubber by 91.5% during the second quarter. AQR Capital Management LLC now owns 2,536,252 shares of the company’s stock valued at $28,203,000 after acquiring an additional 1,211,519 shares during the last quarter. American Century Companies Inc. grew its holdings in Goodyear Tire & Rubber by 16.2% during the 2nd quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after acquiring an additional 1,013,550 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth about $8,492,000. Finally, Bank of Montreal Can lifted its stake in shares of Goodyear Tire & Rubber by 323.6% in the 2nd quarter. Bank of Montreal Can now owns 976,078 shares of the company’s stock valued at $11,108,000 after purchasing an additional 745,636 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

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.