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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a significant decline in short interest in December. As of December 15th, there was short interest totalling 22,730,000 shares, a decline of 10.7% from the November 30th total of 25,460,000 shares. Currently, 8.7% of the company’s 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.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sound Income Strategies LLC grew its position 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 buying an additional 3,778 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Goodyear Tire & Rubber in the third quarter valued at $45,000. Private Trust Co. NA increased its position in Goodyear Tire & Rubber by 110.4% during the 3rd quarter. Private Trust Co. NA now owns 7,050 shares of the company’s stock valued at $62,000 after purchasing an additional 3,700 shares during the period. AM Squared Ltd bought a new position in Goodyear Tire & Rubber in the 3rd quarter worth $92,000. Finally, Apollon Wealth Management LLC purchased a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter worth about $92,000. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT traded up $0.24 during mid-day trading on Wednesday, hitting $9.00. The company had a trading volume of 3,482,586 shares, compared to its average volume of 4,325,393. The stock’s 50-day moving average price is $9.40 and its 200-day moving average price is $9.44. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -8.65 and a beta of 1.77. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $14.97.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GT. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, December 20th. 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. Finally, StockNews.com downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus target price of $13.30.

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.