Short Interest in The Goodyear Tire & Rubber Company (NASDAQ:GT) Increases By 13.4%

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw a significant growth in short interest in the month of July. As of July 14th, there was short interest totalling 18,183,899 shares, a growth of 13.4% from the June 30th total of 16,041,426 shares. Currently, 7.2% of the company’s shares are sold short. Based on an average daily trading volume, of 1,797,098 shares, the days-to-cover ratio is presently 10.1 days.

The Goodyear Tire & Rubber (NASDAQ:GT) traded down 0.53% during mid-day trading on Friday, reaching $29.75. 1,851,976 shares of the company were exchanged. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 6.48 and a beta of 1.53. The Goodyear Tire & Rubber has a 1-year low of $26.82 and a 1-year high of $37.20. The stock’s 50-day moving average price is $33.47 and its 200-day moving average price is $34.42.

The Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Friday, July 28th. The company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter last year, the business earned $1.16 earnings per share. The business’s revenue was down 5.0% compared to the same quarter last year. On average, equities research analysts anticipate that The Goodyear Tire & Rubber will post $3.10 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Friday, July 28th. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is 8.77%.

In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of The Goodyear Tire & Rubber stock in a transaction on Monday, July 10th. The shares were 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 directly owns 71,849 shares of the company’s stock, valued at $2,547,765.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 12,789 shares of company stock valued at $450,950 over the last ninety days. 1.40% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in GT. Thrivent Financial for Lutherans boosted its position in shares of The Goodyear Tire & Rubber by 5.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,140 shares of the company’s stock worth $282,000 after buying an additional 510 shares during the period. Kentucky Retirement Systems purchased a new position in shares of The Goodyear Tire & Rubber during the fourth quarter worth approximately $585,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of The Goodyear Tire & Rubber during the fourth quarter worth approximately $261,000. Macquarie Group Ltd. boosted its position in shares of The Goodyear Tire & Rubber by 51.9% in the fourth quarter. Macquarie Group Ltd. now owns 98,450 shares of the company’s stock valued at $3,039,000 after buying an additional 33,650 shares during the last quarter. Finally, CHURCHILL MANAGEMENT Corp boosted its position in shares of The Goodyear Tire & Rubber by 24.7% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 159,211 shares of the company’s stock valued at $5,732,000 after buying an additional 31,553 shares during the last quarter. Institutional investors own 94.10% of the company’s stock.

GT has been the subject of a number of recent analyst reports. Zacks Investment Research lowered shares of The Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. Jefferies Group LLC set a $40.00 target price on shares of The Goodyear Tire & Rubber and gave the company a “hold” rating in a research note on Monday, May 8th. Morgan Stanley raised shares of The Goodyear Tire & Rubber from an “underweight” rating to an “overweight” rating in a research note on Thursday, June 1st. Guggenheim initiated coverage on shares of The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a “buy” rating and a $39.00 target price for the company. Finally, CLSA assumed coverage on shares of The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a “buy” rating and a $39.00 target price for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $38.10.

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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.

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