The Goodyear Tire & Rubber Company (NASDAQ:GT – Get Rating) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totalling 16,880,000 shares, a growth of 8.7% from the September 30th total of 15,530,000 shares. Based on an average daily trading volume, of 4,050,000 shares, the days-to-cover ratio is presently 4.2 days.
Goodyear Tire & Rubber Price Performance
Shares of GT stock traded up $0.29 during trading hours on Friday, hitting $12.52. The company had a trading volume of 4,604,168 shares, compared to its average volume of 3,735,489. Goodyear Tire & Rubber has a 12 month low of $10.07 and a 12 month high of $24.89. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 3.79 and a beta of 1.85. The firm’s fifty day moving average is $12.41 and its 200 day moving average is $12.41. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.68 and a current ratio of 1.30.
Goodyear Tire & Rubber (NASDAQ:GT – Get Rating) last released its quarterly earnings results on Friday, August 5th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $4.98 billion. Goodyear Tire & Rubber had a return on equity of 11.87% and a net margin of 4.71%. Goodyear Tire & Rubber’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 EPS. On average, sell-side analysts predict that Goodyear Tire & Rubber will post 2.08 EPS for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. SeaCrest Wealth Management LLC acquired a new position in Goodyear Tire & Rubber during the 2nd quarter worth $27,000. First Quadrant LLC CA acquired a new position in shares of Goodyear Tire & Rubber in the 1st quarter valued at $30,000. Ancora Advisors LLC lifted its stake in shares of Goodyear Tire & Rubber by 142.9% in the 1st quarter. Ancora Advisors LLC now owns 1,700 shares of the company’s stock valued at $30,000 after purchasing an additional 1,000 shares during the period. CoreCap Advisors LLC acquired a new position in shares of Goodyear Tire & Rubber in the 2nd quarter valued at $34,000. Finally, CWM LLC lifted its stake in shares of Goodyear Tire & Rubber by 43.1% in the 1st quarter. CWM LLC now owns 2,433 shares of the company’s stock valued at $35,000 after purchasing an additional 733 shares during the period. Institutional investors and hedge funds own 80.88% of the company’s stock.
Wall Street Analyst Weigh In
GT has been the subject of a number of analyst reports. StockNews.com initiated coverage on Goodyear Tire & Rubber in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Deutsche Bank Aktiengesellschaft cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and reduced their price target for the stock from $19.00 to $15.00 in a research report on Monday, July 18th. Finally, Citigroup boosted their price target on Goodyear Tire & Rubber to $16.00 in a research report on Monday, August 15th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of “Hold” and a consensus target price of $17.33.
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 tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving equipment, and mining and industrial equipment 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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Read More: The Goodyear Tire & Rubber Company (NASDAQ:GT) Short Interest Update