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

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw a significant increase in short interest in 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 volume of 4,780,000 shares, the short-interest ratio is presently 3.7 days. Currently, 6.3% of the company’s shares are short sold.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock traded up $0.10 during trading on Wednesday, hitting $8.11. The company’s stock had a trading volume of 832,368 shares, compared to its average volume of 3,917,421. The business has a fifty day moving average of $9.45 and a 200-day moving average of $11.25. The company has a market cap of $2.31 billion, a PE ratio of -3.58 and a beta of 1.70. Goodyear Tire & Rubber has a 52 week low of $7.27 and a 52 week high of $15.24. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the prior year, the firm earned ($0.34) EPS. The company’s revenue was down 6.1% compared to the same quarter last year. As a group, research analysts anticipate that Goodyear Tire & Rubber will post 1.06 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of large investors have recently made changes to their positions in GT. Sanctuary Advisors LLC bought a new stake in Goodyear Tire & Rubber during the 2nd quarter worth approximately $178,000. Point72 Asset Management L.P. purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter worth $8,492,000. Ironwood Investment Management LLC boosted its stake in Goodyear Tire & Rubber by 6.6% during the second quarter. Ironwood Investment Management LLC now owns 46,900 shares of the company’s stock valued at $532,000 after buying an additional 2,900 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Goodyear Tire & Rubber by 80.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 28,681 shares of the company’s stock worth $326,000 after buying an additional 12,822 shares in the last quarter. Finally, Creative Planning grew its holdings in shares of Goodyear Tire & Rubber by 10.9% during the second quarter. Creative Planning now owns 70,973 shares of the company’s stock worth $806,000 after purchasing an additional 6,982 shares in the last quarter. 84.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Tuesday. Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Finally, Morgan Stanley initiated 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 price objective for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.