Short Interest in The Goodyear Tire & Rubber Company (NASDAQ:GT) Grows By 6.4%

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 25,120,000 shares, an increase of 6.4% from the October 15th total of 23,600,000 shares. Based on an average trading volume of 5,470,000 shares, the days-to-cover ratio is presently 4.6 days. Approximately 9.6% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. StockNews.com cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC lifted its stake in Goodyear Tire & Rubber by 4.7% in the first quarter. ProShare Advisors LLC now owns 64,454 shares of the company’s stock worth $885,000 after acquiring an additional 2,901 shares during the period. State Board of Administration of Florida Retirement System lifted its position in shares of Goodyear Tire & Rubber by 27.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 115,130 shares of the company’s stock worth $1,581,000 after purchasing an additional 24,587 shares during the period. Vanguard Group Inc. lifted its holdings in Goodyear Tire & Rubber by 2.6% in the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after buying an additional 765,529 shares during the period. Edgestream Partners L.P. boosted its position in Goodyear Tire & Rubber by 61.6% during the 1st quarter. Edgestream Partners L.P. now owns 57,032 shares of the company’s stock valued at $783,000 after acquiring an additional 21,741 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of Goodyear Tire & Rubber by 33.6% during the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after acquiring an additional 1,284 shares during the period. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Stock Down 2.1 %

Goodyear Tire & Rubber stock traded down $0.20 during mid-day trading on Tuesday, hitting $9.12. The company’s stock had a trading volume of 1,264,953 shares, compared to its average volume of 4,286,830. The business has a 50 day moving average price of $8.53 and a 200-day moving average price of $10.04. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. Goodyear Tire & Rubber has a 12 month low of $7.27 and a 12 month high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The business had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.96 billion. During the same period in the previous year, the firm earned $0.36 EPS. The business’s quarterly revenue was down 6.2% on a year-over-year basis. Research analysts anticipate that Goodyear Tire & Rubber will post 1.08 earnings per share for the current year.

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.