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

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 22,570,000 shares, a decline of 10.2% from the October 31st total of 25,120,000 shares. Currently, 8.6% of the shares of the company are short sold. Based on an average trading volume of 5,300,000 shares, the short-interest ratio is currently 4.3 days.

Wall Street Analyst Weigh In

GT has been the subject of several analyst reports. 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. StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of GT. Family Firm Inc. purchased a new position in shares of Goodyear Tire & Rubber during the second quarter valued at approximately $26,000. Mather Group LLC. boosted its holdings in Goodyear Tire & Rubber by 4,526.3% during the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after acquiring an additional 2,580 shares during the last quarter. Sound Income Strategies LLC grew its stake in shares of Goodyear Tire & Rubber by 2,122.5% in the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock worth $35,000 after acquiring an additional 3,778 shares in the last quarter. Beach Investment Counsel Inc. PA purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at about $40,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Goodyear Tire & Rubber during the third quarter valued at about $45,000. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock traded down $0.26 on Tuesday, hitting $10.74. The company had a trading volume of 6,490,063 shares, compared to its average volume of 4,322,004. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $15.24. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51. The stock’s 50-day moving average is $8.95 and its two-hundred day moving average is $9.84.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. During the same quarter in the previous year, the business earned $0.36 earnings per share. Goodyear Tire & Rubber’s revenue for the quarter was down 6.2% on a year-over-year basis. On average, analysts forecast that Goodyear Tire & Rubber will post 1.09 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.