Short Interest in The Goodyear Tire & Rubber Company (NASDAQ:GT) Increases By 6.4%

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 25,120,000 shares, a growth of 6.4% from the October 15th total of 23,600,000 shares. Based on an average daily volume of 5,470,000 shares, the short-interest ratio is currently 4.6 days. Approximately 9.6% of the shares of the company are short sold.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT traded up $0.05 during trading on Monday, reaching $9.32. 3,127,531 shares of the company traded hands, compared to its average volume of 4,300,380. The firm has a 50 day simple moving average of $8.53 and a 200-day simple moving average of $10.04. Goodyear Tire & Rubber has a 52-week low of $7.27 and a 52-week high of $15.24. The stock has a market capitalization of $2.66 billion, a PE ratio of -8.96 and a beta of 1.69. The company has a quick ratio of 0.65, a current ratio of 1.14 and a debt-to-equity ratio of 1.51.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. The company had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. Goodyear Tire & Rubber’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. Equities research analysts anticipate that Goodyear Tire & Rubber will post 1.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Family Firm Inc. bought a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at $26,000. Mather Group LLC. boosted its stake in Goodyear Tire & Rubber by 4,526.3% during the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after buying an additional 2,580 shares during the last quarter. Sound Income Strategies LLC grew its holdings in Goodyear Tire & Rubber by 2,122.5% during the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock valued at $35,000 after buying an additional 3,778 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new stake in Goodyear Tire & Rubber in the 2nd quarter worth approximately $40,000. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth approximately $57,000. Institutional investors own 84.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on GT shares. StockNews.com cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th.

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.