The Goodyear Tire & Rubber Company (NASDAQ:GT) saw a large increase in short interest in the month of July. As of July 14th, there was short interest totalling 18,183,899 shares, an increase 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 volume of 1,797,098 shares, the days-to-cover ratio is presently 10.1 days.
In related news, insider Stephen R. Mcclellan sold 6,250 shares of The Goodyear Tire & Rubber stock in a transaction on Friday, June 9th. The shares were sold at an average price of $35.29, for a total value of $220,562.50. Following the transaction, the insider now owns 78,099 shares in the company, valued at approximately $2,756,113.71. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders sold 18,750 shares of company stock worth $662,938. 1.40% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in GT. Thrivent Financial for Lutherans raised its stake in 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 valued at $282,000 after buying an additional 510 shares during the period. Kentucky Retirement Systems purchased a new stake in The Goodyear Tire & Rubber during the fourth quarter valued at about $585,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in The Goodyear Tire & Rubber during the fourth quarter valued at about $261,000. Macquarie Group Ltd. raised its stake in 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 period. Finally, CHURCHILL MANAGEMENT Corp raised its stake in 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 period. Hedge funds and other institutional investors own 92.47% of the company’s stock.
The Goodyear Tire & Rubber (NASDAQ:GT) opened at 32.51 on Friday. The stock has a market cap of $8.19 billion, a PE ratio of 6.86 and a beta of 1.56. The Goodyear Tire & Rubber has a 52-week low of $26.82 and a 52-week high of $37.20. The firm has a 50 day moving average of $35.00 and a 200-day moving average of $34.47.
The Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Friday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.70 billion. The Goodyear Tire & Rubber had a return on equity of 22.60% and a net margin of 8.22%. The Goodyear Tire & Rubber’s revenue was down 5.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. Equities analysts anticipate that The Goodyear Tire & Rubber will post $3.76 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be issued a $0.10 dividend. The ex-dividend date is Friday, July 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.23%. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is presently 8.46%.
A number of equities analysts recently commented on GT shares. Guggenheim started coverage on shares of The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They issued a “buy” rating and a $39.00 target price on the stock. Zacks Investment Research cut shares of The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Jefferies Group LLC upgraded shares of The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research report on Tuesday, June 20th. BidaskClub cut shares of The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, CLSA started coverage on shares of The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They issued a “buy” rating and a $39.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $39.40.
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About The 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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