The Goodyear Tire & Rubber Company (GT) Sees Large Decrease in Short Interest

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 20,870,122 shares, a decline of 7.1% from the August 15th total of 22,473,975 shares. Based on an average daily trading volume, of 2,075,679 shares, the short-interest ratio is presently 10.1 days. Approximately 8.3% of the company’s shares are short sold.

Shares of The Goodyear Tire & Rubber (GT) opened at 32.25 on Friday. The Goodyear Tire & Rubber has a one year low of $26.82 and a one year high of $37.20. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 7.03 and a beta of 1.54. The company has a 50 day moving average price of $30.89 and a 200-day moving average price of $33.96.

The Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.05). The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.70 billion. The Goodyear Tire & Rubber had a return on equity of 18.94% and a net margin of 7.95%. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.16 EPS. Equities analysts predict that The Goodyear Tire & Rubber will post $3.04 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. The Goodyear Tire & Rubber’s payout ratio is currently 8.77%.

In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the business’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $35.46, for a total transaction of $221,625.00. Following the completion of the transaction, the insider now owns 71,849 shares in the company, valued at $2,547,765.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 6,751 shares of company stock valued at $236,741 in the last 90 days. Company insiders own 1.40% of the company’s stock.

Several large investors have recently bought and sold shares of GT. Financial Architects Inc boosted its position in shares of The Goodyear Tire & Rubber by 2.2% during the 2nd quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock worth $124,000 after purchasing an additional 75 shares during the period. First Quadrant L P CA purchased a new position in shares of The Goodyear Tire & Rubber during the 2nd quarter worth approximately $130,000. Washington Trust Bank boosted its position in shares of The Goodyear Tire & Rubber by 46.3% during the 2nd quarter. Washington Trust Bank now owns 3,885 shares of the company’s stock worth $136,000 after purchasing an additional 1,230 shares during the period. Exane Derivatives boosted its position in shares of The Goodyear Tire & Rubber by 204,800.0% during the 2nd quarter. Exane Derivatives now owns 4,098 shares of the company’s stock worth $143,000 after purchasing an additional 4,096 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of The Goodyear Tire & Rubber by 21.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,077 shares of the company’s stock worth $147,000 after purchasing an additional 716 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have issued reports on the company. Deutsche Bank AG lowered The Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a research report on Friday, July 28th. BidaskClub upgraded The Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Goldman Sachs Group, Inc. (The) set a $29.00 price target on The Goodyear Tire & Rubber and gave the company a “hold” rating in a report on Tuesday, August 1st. Morgan Stanley reiterated an “overweight” rating and issued a $46.00 price target (down previously from $52.00) on shares of The Goodyear Tire & Rubber in a report on Wednesday, August 2nd. Finally, Jefferies Group LLC set a $36.00 price target on The Goodyear Tire & Rubber and gave the company a “buy” rating in a report on Monday, August 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $38.10.

COPYRIGHT VIOLATION WARNING: “The Goodyear Tire & Rubber Company (GT) Sees Large Decrease in Short Interest” was first published by Chaffey Breeze and is the property of of Chaffey Breeze. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of US and international copyright and trademark laws. The original version of this piece of content can be read at https://www.chaffeybreeze.com/2017/09/15/the-goodyear-tire-rubber-company-gt-sees-large-decrease-in-short-interest.html.

The Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

Receive News & Ratings for The Goodyear Tire & Rubber Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Goodyear Tire & Rubber Company and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply