Goodyear Tire & Rubber Co (GT) Short Interest Update

Goodyear Tire & Rubber Co (NASDAQ:GT) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 16,887,588 shares, a drop of 8.8% from the October 15th total of 18,524,215 shares. Currently, 7.3% of the shares of the company are sold short. Based on an average trading volume of 4,969,383 shares, the days-to-cover ratio is presently 3.4 days.

A number of equities research analysts have issued reports on GT shares. Goldman Sachs Group downgraded shares of Goodyear Tire & Rubber from a “neutral” rating to a “sell” rating in a research note on Tuesday, July 17th. Berenberg Bank downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $23.00 price objective on the stock. in a research note on Friday, August 31st. Wolfe Research started coverage on shares of Goodyear Tire & Rubber in a research note on Tuesday, October 2nd. They set an “outperform” rating on the stock. BidaskClub downgraded shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 5th. Finally, Longbow Research reiterated a “hold” rating on shares of Goodyear Tire & Rubber in a research note on Friday, July 27th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $27.88.

Shares of Goodyear Tire & Rubber stock opened at $21.99 on Friday. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 7.05 and a beta of 1.73. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 1.34. Goodyear Tire & Rubber has a 12-month low of $19.25 and a 12-month high of $36.07.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Friday, October 26th. The company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.08). Goodyear Tire & Rubber had a net margin of 3.11% and a return on equity of 13.84%. The company had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter in the previous year, the business posted $0.70 earnings per share. The company’s revenue for the quarter was up .2% on a year-over-year basis. On average, analysts predict that Goodyear Tire & Rubber will post 2.71 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be paid a $0.14 dividend. The ex-dividend date is Wednesday, October 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.55%. Goodyear Tire & Rubber’s payout ratio is currently 20.51%.

Several institutional investors and hedge funds have recently bought and sold shares of GT. Levin Capital Strategies L.P. boosted its stake in shares of Goodyear Tire & Rubber by 199.2% in the 2nd quarter. Levin Capital Strategies L.P. now owns 3,752,409 shares of the company’s stock valued at $87,394,000 after purchasing an additional 2,498,420 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Goodyear Tire & Rubber by 65.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,939,205 shares of the company’s stock valued at $92,139,000 after purchasing an additional 1,554,946 shares in the last quarter. Sound Shore Management Inc. CT boosted its stake in shares of Goodyear Tire & Rubber by 22.3% in the 3rd quarter. Sound Shore Management Inc. CT now owns 7,113,298 shares of the company’s stock valued at $166,380,000 after purchasing an additional 1,297,633 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Goodyear Tire & Rubber by 486.4% in the 3rd quarter. Bank of Montreal Can now owns 1,072,935 shares of the company’s stock valued at $25,096,000 after purchasing an additional 889,967 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Goodyear Tire & Rubber by 35.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,803,959 shares of the company’s stock valued at $42,057,000 after purchasing an additional 472,875 shares in the last quarter. Institutional investors own 88.76% of the company’s stock.

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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, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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