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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of a large 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 trading volume, of 5,470,000 shares, the short-interest ratio is currently 4.6 days. Currently, 9.6% of the shares of the stock are short sold.

Goodyear Tire & Rubber Stock Up 0.5 %

GT stock traded up $0.05 on Monday, hitting $9.32. 3,127,531 shares of the company’s stock were exchanged, compared to its average volume of 4,300,380. The firm has a 50 day moving average price of $8.53 and a two-hundred day moving average price of $10.04. The stock has a market cap of $2.66 billion, a P/E ratio of -8.96 and a beta of 1.69. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. Goodyear Tire & Rubber has a 12-month low of $7.27 and a 12-month high of $15.24.

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

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently made changes to their positions in GT. ProShare Advisors LLC raised its holdings in shares of Goodyear Tire & Rubber by 4.7% in the 1st quarter. ProShare Advisors LLC now owns 64,454 shares of the company’s stock valued at $885,000 after buying an additional 2,901 shares during the period. State Board of Administration of Florida Retirement System increased its position in shares of Goodyear Tire & Rubber by 27.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 115,130 shares of the company’s stock worth $1,581,000 after acquiring an additional 24,587 shares during the period. Vanguard Group Inc. grew its position in shares of Goodyear Tire & Rubber by 2.6% during the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after buying an additional 765,529 shares in the last quarter. Edgestream Partners L.P. increased its position in shares of Goodyear Tire & Rubber by 61.6% in the 1st quarter. Edgestream Partners L.P. now owns 57,032 shares of the company’s stock valued at $783,000 after purchasing an additional 21,741 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in Goodyear Tire & Rubber by 33.6% during the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after buying an additional 1,284 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

GT has been the topic of several analyst reports. Wolfe Research cut Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. StockNews.com downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

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.