The Goodyear Tire & Rubber Company (NASDAQ:GT) Sees Significant Decline in Short Interest

The Goodyear Tire & Rubber Company (NASDAQ:GTGet Rating) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 15,280,000 shares, a decline of 9.5% from the October 15th total of 16,880,000 shares. Based on an average daily volume of 4,520,000 shares, the days-to-cover ratio is currently 3.4 days.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GT shares. Citigroup dropped their price objective on shares of Goodyear Tire & Rubber from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 2nd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Goodyear Tire & Rubber from $14.00 to $10.00 in a research note on Wednesday, November 2nd. Finally, StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Wednesday, November 2nd. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and an average price target of $16.19.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $10.73 on Friday. Goodyear Tire & Rubber has a one year low of $9.76 and a one year high of $24.17. The company has a 50 day moving average price of $11.48 and a 200 day moving average price of $12.15. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 3.58 and a beta of 1.92. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.68 and a current ratio of 1.33.

Goodyear Tire & Rubber (NASDAQ:GTGet Rating) last released its quarterly earnings data on Monday, October 31st. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.21). Goodyear Tire & Rubber had a return on equity of 9.74% and a net margin of 4.19%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same period in the previous year, the company earned $0.72 EPS. Goodyear Tire & Rubber’s revenue was up 7.6% on a year-over-year basis. Sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.65 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GT. Signaturefd LLC boosted its stake in Goodyear Tire & Rubber by 12.8% during the 1st quarter. Signaturefd LLC now owns 7,024 shares of the company’s stock valued at $100,000 after acquiring an additional 796 shares during the last quarter. American Trust boosted its stake in Goodyear Tire & Rubber by 6.2% during the 1st quarter. American Trust now owns 13,670 shares of the company’s stock valued at $195,000 after acquiring an additional 800 shares during the last quarter. M&T Bank Corp boosted its stake in Goodyear Tire & Rubber by 5.1% during the 2nd quarter. M&T Bank Corp now owns 18,630 shares of the company’s stock valued at $197,000 after acquiring an additional 896 shares during the last quarter. Creative Planning boosted its stake in Goodyear Tire & Rubber by 8.1% during the 2nd quarter. Creative Planning now owns 13,250 shares of the company’s stock valued at $142,000 after acquiring an additional 998 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its stake in Goodyear Tire & Rubber by 7.5% during the 2nd quarter. DAVENPORT & Co LLC now owns 14,325 shares of the company’s stock valued at $153,000 after acquiring an additional 1,000 shares during the last quarter. 80.88% of the stock is currently owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

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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 tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving equipment, and mining and industrial equipment under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.

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