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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 15,880,000 shares, a drop of 11.1% from the August 31st total of 17,860,000 shares. Currently, 5.6% of the company’s stock are sold short. Based on an average trading volume of 5,080,000 shares, the short-interest ratio is presently 3.1 days.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors have recently added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. purchased a new stake in Goodyear Tire & Rubber during the fourth quarter valued at about $28,000. Family Firm Inc. bought a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $26,000. Jones Financial Companies Lllp purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter valued at about $33,000. Mather Group LLC. lifted its position in Goodyear Tire & Rubber by 4,526.3% in the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after buying an additional 2,580 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA purchased a new stake in Goodyear Tire & Rubber in the second quarter worth approximately $40,000. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Stock Performance

Shares of GT opened at $8.85 on Tuesday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -3.92 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 stock’s 50-day simple moving average is $8.83 and its 200 day simple moving average is $11.00.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.09 by $0.10. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.34) EPS. Research analysts forecast that Goodyear Tire & Rubber will post 1.06 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GT shares. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Morgan Stanley assumed coverage on Goodyear Tire & Rubber in a report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 target price on the stock. Finally, StockNews.com downgraded 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus 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.