The Goodyear Tire & Rubber Company (NASDAQ:GT – Get Free Report) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 17,860,000 shares, a growth of 11.3% from the August 15th total of 16,040,000 shares. Approximately 6.3% of the shares of the stock are short sold. Based on an average trading volume of 4,780,000 shares, the short-interest ratio is presently 3.7 days.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on GT shares. StockNews.com cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Tuesday. Wolfe Research cut shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Finally, Morgan Stanley began coverage on shares of Goodyear Tire & Rubber in a report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price objective for the company. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Goodyear Tire & Rubber presently has an average rating of “Moderate Buy” and an average target price of $17.23.
View Our Latest Stock Report on Goodyear Tire & Rubber
Institutional Investors Weigh In On Goodyear Tire & Rubber
Goodyear Tire & Rubber Trading Up 1.2 %
GT stock traded up $0.10 during trading on Wednesday, hitting $8.11. 832,368 shares of the company traded hands, compared to its average volume of 3,917,421. The company has a 50-day moving average of $9.45 and a 200-day moving average of $11.25. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $15.24. The firm has a market capitalization of $2.31 billion, a PE ratio of -3.58 and a beta of 1.70.
Goodyear Tire & Rubber (NASDAQ:GT – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. Analysts predict that Goodyear Tire & Rubber will post 1.06 earnings per share for the current fiscal year.
About Goodyear Tire & Rubber
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 rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.
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