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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a large drop in short interest in December. As of December 15th, there was short interest totalling 22,730,000 shares, a drop of 10.7% from the November 30th total of 25,460,000 shares. Currently, 8.7% of the shares of the stock are short sold. Based on an average trading volume of 5,420,000 shares, the days-to-cover ratio is currently 4.2 days.

Wall Street Analyst Weigh In

Several research firms have commented on GT. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a report on Friday, December 20th. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Goodyear Tire & Rubber presently has an average rating of “Hold” and an average price target of $13.30.

Institutional Trading of Goodyear Tire & Rubber

Several large investors have recently added to or reduced their stakes in GT. Fidelity D & D Bancorp Inc. increased its position in shares of Goodyear Tire & Rubber by 3.2% during the 3rd quarter. Fidelity D & D Bancorp Inc. now owns 32,000 shares of the company’s stock valued at $283,000 after purchasing an additional 1,000 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in Goodyear Tire & Rubber by 4.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 35,513 shares of the company’s stock valued at $306,000 after acquiring an additional 1,434 shares during the last quarter. Texas Permanent School Fund Corp boosted its position in shares of Goodyear Tire & Rubber by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock valued at $2,833,000 after purchasing an additional 1,475 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Goodyear Tire & Rubber by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock worth $903,000 after purchasing an additional 1,621 shares during the last quarter. Finally, Pin Oak Investment Advisors Inc. raised its holdings in shares of Goodyear Tire & Rubber by 6.1% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 38,050 shares of the company’s stock worth $336,000 after purchasing an additional 2,195 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock traded down $0.09 on Monday, reaching $8.76. 3,415,206 shares of the company were exchanged, compared to its average volume of 4,328,748. Goodyear Tire & Rubber has a 1-year low of $7.27 and a 1-year high of $14.97. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -8.42 and a beta of 1.77. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. The company’s 50-day moving average is $9.36 and its two-hundred day moving average is $9.48.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.96 billion. During the same period in the previous year, the business posted $0.36 EPS. Goodyear Tire & Rubber’s revenue was down 6.2% on a year-over-year basis. As a group, research analysts expect that Goodyear Tire & Rubber will post 1.09 earnings per share for the current fiscal year.

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.