Short Interest in Goodyear Tire & Rubber Co (GT) Expands By 10.1%

Goodyear Tire & Rubber Co (NASDAQ:GT) saw a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 18,823,838 shares, an increase of 10.1% from the January 12th total of 17,091,910 shares. Based on an average daily trading volume, of 2,725,945 shares, the days-to-cover ratio is presently 6.9 days. Approximately 7.7% of the company’s stock are sold short.

In other news, SVP Jean Claude Kihn sold 7,500 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $32.12, for a total value of $240,900.00. Following the completion of the sale, the senior vice president now owns 51,848 shares of the company’s stock, valued at approximately $1,665,357.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.40% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Levin Capital Strategies L.P. acquired a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth $40,383,000. Sound Shore Management Inc. CT grew its holdings in shares of Goodyear Tire & Rubber by 38.7% during the 3rd quarter. Sound Shore Management Inc. CT now owns 4,023,929 shares of the company’s stock worth $133,796,000 after purchasing an additional 1,123,573 shares in the last quarter. Hexavest Inc. grew its holdings in shares of Goodyear Tire & Rubber by 65.9% during the 4th quarter. Hexavest Inc. now owns 1,631,370 shares of the company’s stock worth $52,710,000 after purchasing an additional 648,313 shares in the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Goodyear Tire & Rubber during the 3rd quarter worth $15,827,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Goodyear Tire & Rubber by 10.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,568,674 shares of the company’s stock worth $151,903,000 after purchasing an additional 414,651 shares in the last quarter. Hedge funds and other institutional investors own 94.80% of the company’s stock.

A number of research firms recently weighed in on GT. Guggenheim set a $32.00 price target on Goodyear Tire & Rubber and gave the company a “hold” rating in a research note on Friday. Zacks Investment Research upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Monday, January 29th. BidaskClub upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Friday, January 26th. Longbow Research began coverage on Goodyear Tire & Rubber in a research note on Wednesday, January 31st. They issued a “neutral” rating on the stock. Finally, Citigroup cut Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and dropped their price target for the company from $38.00 to $36.00 in a research note on Monday, October 30th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Goodyear Tire & Rubber has a consensus rating of “Buy” and a consensus price target of $37.30.

Goodyear Tire & Rubber (NASDAQ:GT) traded down $0.76 during mid-day trading on Friday, reaching $29.99. The company’s stock had a trading volume of 7,987,102 shares, compared to its average volume of 3,295,628. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 1.12. The company has a market cap of $7,330.00, a PE ratio of 22.38, a price-to-earnings-growth ratio of 0.73 and a beta of 1.60. Goodyear Tire & Rubber has a 1 year low of $28.81 and a 1 year high of $37.20.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.23. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $3.96 billion. Goodyear Tire & Rubber had a return on equity of 15.88% and a net margin of 6.67%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.95 EPS. equities research analysts expect that Goodyear Tire & Rubber will post 2.89 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Wednesday, January 31st. Goodyear Tire & Rubber’s payout ratio is 41.79%.

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About Goodyear Tire & Rubber

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.

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