The Goodyear Tire & Rubber Company (NASDAQ:GT) Sees Large Increase in Short Interest

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 23,600,000 shares, a growth of 21.1% from the September 30th total of 19,490,000 shares. Approximately 9.0% of the shares of the stock are sold short. Based on an average daily volume of 6,120,000 shares, the short-interest ratio is presently 3.9 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Retirement Systems of Alabama lifted its position in shares of Goodyear Tire & Rubber by 0.3% during the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock worth $4,889,000 after purchasing an additional 935 shares in the last quarter. Covestor Ltd lifted its position in shares of Goodyear Tire & Rubber by 33.6% during the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after purchasing an additional 1,284 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Goodyear Tire & Rubber by 0.6% during the second quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock worth $2,833,000 after purchasing an additional 1,475 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Goodyear Tire & Rubber by 2.4% during the first quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock worth $956,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in Goodyear Tire & Rubber by 2.1% in the second quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock valued at $903,000 after acquiring an additional 1,621 shares in the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Trading Down 3.2 %

Goodyear Tire & Rubber stock traded down $0.27 during trading on Wednesday, reaching $8.16. The company had a trading volume of 3,439,509 shares, compared to its average volume of 4,179,746. Goodyear Tire & Rubber has a 12-month low of $7.27 and a 12-month high of $15.24. The stock’s 50 day moving average price is $8.34 and its two-hundred day moving average price is $10.30. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of -3.61 and a beta of 1.69. 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 (NASDAQ:GT) last announced its quarterly 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. The firm had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. Goodyear Tire & Rubber’s revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.34) earnings per share. As a group, equities analysts expect that Goodyear Tire & Rubber will post 1.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GT has been the subject of several recent research reports. Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.