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

The Goodyear Tire & Rubber Company (NASDAQ:GTGet Free Report) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 8,580,000 shares, a drop of 7.5% from the December 15th total of 9,280,000 shares. Based on an average daily trading volume, of 0 shares, the short-interest ratio is currently ∞ days.

Analysts Set New Price Targets

GT has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on shares of Goodyear Tire & Rubber from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 16th. HSBC initiated coverage on shares of Goodyear Tire & Rubber in a research report on Monday, December 4th. They set a “buy” rating and a $16.80 price objective on the stock. StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. Finally, Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and boosted their target price for the company from $13.00 to $21.00 in a research note on Thursday, November 16th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Moderate Buy” and an average price target of $17.16.

View Our Latest Research Report on GT

Goodyear Tire & Rubber Trading Up 4.3 %

NASDAQ GT opened at $13.88 on Thursday. Goodyear Tire & Rubber has a 1-year low of $9.85 and a 1-year high of $16.50. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.30 and a quick ratio of 0.70. The stock has a 50-day moving average of $14.00 and a 200-day moving average of $13.47.

Goodyear Tire & Rubber (NASDAQ:GTGet Free Report) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.17. Goodyear Tire & Rubber had a negative return on equity of 1.03% and a negative net margin of 2.47%. The company had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter in the previous year, the business earned $0.40 EPS. Goodyear Tire & Rubber’s revenue was down 3.2% compared to the same quarter last year. Research analysts expect that Goodyear Tire & Rubber will post 0.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Goodyear Tire & Rubber news, EVP Darren R. Wells sold 12,985 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $14.19, for a total value of $184,257.15. Following the sale, the executive vice president now directly owns 98,764 shares in the company, valued at approximately $1,401,461.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in Goodyear Tire & Rubber by 7.6% during the 1st quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock valued at $511,113,000 after purchasing an additional 2,528,942 shares during the period. Vanguard Group Inc. grew its holdings in shares of Goodyear Tire & Rubber by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 28,349,435 shares of the company’s stock worth $405,113,000 after acquiring an additional 437,114 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Goodyear Tire & Rubber by 3.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,260,862 shares of the company’s stock worth $175,213,000 after acquiring an additional 431,192 shares during the period. Wellington Management Group LLP purchased a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth approximately $125,650,000. Finally, State Street Corp grew its holdings in shares of Goodyear Tire & Rubber by 2.7% during the 1st quarter. State Street Corp now owns 10,052,612 shares of the company’s stock worth $110,780,000 after acquiring an additional 260,929 shares during the period. Hedge funds and other institutional investors own 80.05% of the company’s stock.

About Goodyear Tire & Rubber

(Get Free Report)

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 and mining equipment, farm implements, industrial equipment, and other applications 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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