The Goodyear Tire & Rubber Company (NASDAQ:GT) Sees Significant Decrease in Short Interest

The Goodyear Tire & Rubber Company (NASDAQ:GTGet Rating) was the target of a large drop in short interest in April. As of April 30th, there was short interest totalling 16,730,000 shares, a drop of 16.7% from the April 15th total of 20,090,000 shares. Based on an average trading volume of 7,800,000 shares, the days-to-cover ratio is currently 2.1 days.

Hedge funds have recently made changes to their positions in the company. O Shaughnessy Asset Management LLC lifted its stake in Goodyear Tire & Rubber by 41.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 1,573 shares of the company’s stock valued at $28,000 after acquiring an additional 459 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth $29,000. First Quadrant LLC CA acquired a new position in Goodyear Tire & Rubber during the first quarter valued at $30,000. Ancora Advisors LLC boosted its holdings in Goodyear Tire & Rubber by 142.9% in the first 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 last quarter. Finally, CWM LLC grew its position in Goodyear Tire & Rubber by 43.1% during the 1st quarter. CWM LLC now owns 2,433 shares of the company’s stock worth $35,000 after purchasing an additional 733 shares during the period. 86.06% of the stock is currently owned by institutional investors and hedge funds.

GT has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on Goodyear Tire & Rubber from $30.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, April 21st. TheStreet raised shares of Goodyear Tire & Rubber from a “c” rating to a “b-” rating in a research report on Friday, February 11th. Jefferies Financial Group lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $20.00 to $17.00 in a research note on Tuesday, February 22nd. Nomura upgraded shares of Goodyear Tire & Rubber from a “neutral” rating to a “buy” rating and raised their target price for the company from $15.00 to $15.30 in a research note on Tuesday, May 10th. Finally, Nomura Instinet raised Goodyear Tire & Rubber from a “reduce” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $15.00 in a research report on Monday, February 14th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $18.41.

Shares of Goodyear Tire & Rubber stock opened at $11.84 on Tuesday. The firm’s 50 day simple moving average is $13.36 and its two-hundred day simple moving average is $17.97. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 3.96 and a beta of 1.88. Goodyear Tire & Rubber has a 12-month low of $10.89 and a 12-month high of $24.89. The company has a current ratio of 1.23, a quick ratio of 0.65 and a debt-to-equity ratio of 1.40.

Goodyear Tire & Rubber (NASDAQ:GTGet Rating) last announced its quarterly earnings data on Friday, May 6th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.16. The firm had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.70 billion. Goodyear Tire & Rubber had a net margin of 4.49% and a return on equity of 11.37%. The business’s quarterly revenue was up 39.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 earnings per share. On average, sell-side analysts predict that Goodyear Tire & Rubber will post 2.26 EPS for the current fiscal year.

Goodyear Tire & Rubber Company Profile (Get Rating)

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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