The Short Interest in The Goodyear Tire & Rubber Co. (GT) Declines By 10.3%

The Short Interest in The Goodyear Tire & Rubber Co. (GT) Declines By 10.3%

The Goodyear Tire & Rubber Co. (NASDAQ:GT) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 18,634,299 shares, a decrease of 10.3% from the September 15th total of 20,772,857 shares. Approximately 7.2% of the shares of the stock are short sold. Based on an average trading volume of 3,513,603 shares, the short-interest ratio is presently 5.3 days.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) opened at 31.66 on Friday. The Goodyear Tire & Rubber Co. has a 52 week low of $24.31 and a 52 week high of $35.30. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of 31.13 and a beta of 1.73. The firm’s 50 day moving average price is $31.40 and its 200-day moving average price is $29.21.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) last announced its earnings results on Wednesday, July 27th. The company reported $1.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.13. The Goodyear Tire & Rubber Co. had a return on equity of 24.06% and a net margin of 1.75%. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.93 billion. During the same quarter in the previous year, the company earned $0.84 earnings per share. The firm’s quarterly revenue was down 7.0% compared to the same quarter last year. Analysts expect that The Goodyear Tire & Rubber Co. will post $4.08 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 1st will be issued a dividend of $0.10 per share. This is a boost from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, October 28th. This represents a $0.40 annualized dividend and a yield of 1.26%. The Goodyear Tire & Rubber Co.’s payout ratio is presently 28.00%.

A number of large investors have recently made changes to their positions in GT. Pictet Asset Management Ltd. boosted its stake in shares of The Goodyear Tire & Rubber Co. by 3.0% in the first quarter. Pictet Asset Management Ltd. now owns 142,752 shares of the company’s stock valued at $4,300,000 after buying an additional 4,200 shares during the last quarter. BP Capital Fund Advisors LLC acquired a new position in The Goodyear Tire & Rubber Co. during the first quarter valued at about $3,777,000. Quadrature Capital Ltd acquired a new position in The Goodyear Tire & Rubber Co. during the first quarter valued at about $460,000. UBS Asset Management Americas Inc. raised its position in The Goodyear Tire & Rubber Co. by 1.7% in the first quarter. UBS Asset Management Americas Inc. now owns 811,223 shares of the company’s stock valued at $26,753,000 after buying an additional 13,542 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its position in The Goodyear Tire & Rubber Co. by 64.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 11,455 shares of the company’s stock valued at $378,000 after buying an additional 4,500 shares during the period. 92.93% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have commented on GT. Deutsche Bank AG upgraded The Goodyear Tire & Rubber Co. from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Tuesday, September 6th. Citigroup Inc. increased their target price on The Goodyear Tire & Rubber Co. from $36.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Zacks Investment Research upgraded The Goodyear Tire & Rubber Co. from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Wednesday, July 13th. Vetr cut The Goodyear Tire & Rubber Co. from a “strong-buy” rating to a “buy” rating and set a $30.38 target price on the stock. in a report on Monday, June 20th. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating and set a $35.00 target price on shares of The Goodyear Tire & Rubber Co. in a report on Saturday, October 8th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $35.26.

About The Goodyear Tire & Rubber Co.

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