KeyBanc took its Goodyear Tire & Rubber [GT] rating to the equivalent of Overweight from Sector Weight, and the price target to $14, in a research note dated 2021-01-08. That figure represents around a 30.35% premium from where the company’s shares closed on Thursday. Meanwhile, Northcoast had raised its rating on GT to “Buy” from the earlier “Neutral”, in a research note produced for clients October 01, 2020. In addition, there was a downgrade from Nomura on August 03, 2020. The rater changed GT from “a Buy” to “a Neutral”.
Is The Goodyear Tire & Rubber Company [NASDAQ:GT] a Good Buy Right Now?
It should be noted that GT technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 96% Buy in the last week and compares with 100% Buy in the past month. Data from The Goodyear Tire & Rubber Company’s Trend Spotter indicated that the signals were Strengthening. The stock current average is 2.8 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 3.55 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 3.47 million shares.
GT Price Performance
On Wall Street, The Goodyear Tire & Rubber Company [NASDAQ:GT] finished Thursday’s session down -0.37% at $10.74. The stock went up to $11.175 at the same session while its lowest single day price was $10.685. In the last five days, it saw a rise of about 1.03%, The Goodyear Tire & Rubber Company shares dropped by almost -1.56% since the beginning of the year. However, the share price has dropped to as low as -29.57% below its one year high. On 01/07/21, the company shares recorded $11.18, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $10.02. The company’s shares have declined by -28.35% in the past year. The 50-day SMA achieved is $10.28 while the 200-day SMA is $8.95. Volume dropped to 3.05 million from 3.66 million in the previous session.
GT Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 10.56 level, and in case of violation of this particular level, it will cause more drop to 10.38 level. On the upper level, 11.36 is still the key resistance. The stock may increase to the subsequent resistance at 11.05. The Relative Strength Index (RSI) pinned on the 14-day chart is 53.44, implying a neutral technical stance while the MACD stands at 0.23, meaning price will decrease in the next trading period. Percent R indicator moved to 36.50%, implying low price movement. Stochastic %K at 61.89% suggest selling the stock.
What is the short interest in The Goodyear Tire & Rubber Company?
Short interest in the The Goodyear Tire & Rubber Company stock has plunged, decreasing by -1.56 million shares to total 8.35 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 6.79 million, data from Yahoo Finance shows. The increase of 18.68% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 4.02% of the overall float for the stock.
The Goodyear Tire & Rubber Company’s Biggest Shareholders: Who Owns The Goodyear Tire & Rubber Company [GT]?
Filings by BlackRock Fund Advisors showed that the firm now holds a total of 22,931,212 shares or roughly 9.84% of the outstanding GT shares. This means their shares have reduced by -2,531,974 from the 22,931,212 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, The Vanguard Group, Inc. updated stake is worth $208,210,252. Details in the latest 13F filings reveal that Dimensional Fund Advisors LP acquired their 3.31% stake valued at $125,431,750 while LSV Asset Management cut theirs at $98,316,066. During the last quarter, Dimensional Fund Advisors LP raised 386,232 of its shares in The Goodyear Tire & Rubber Company while LSV Asset Management sold -350,343 shares. The Hotchkis & Wiley Capital Manageme’s holdings currently number 7,878,343 shares at $84613403.82. According to the firm’s last 13F report, SSgA Funds Management, Inc. shares in the company at filing stood at 7,381,030 shares, roughly $76,910,333.
GT Earnings Forecast For The Current Quarter
The Goodyear Tire & Rubber Company [GT] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $3.6B and an earnings per share of $0.22 for Dec 2020. Looking further ahead, the company is expected to report revenue of $3.37B at an EPS of $0.05 for Mar 2021. The estimates represent downside of 11.60% and 149.10% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
GT Earnings Estimates For The Current Year
For the financial year, The Goodyear Tire & Rubber Company [NASDAQ:GT] is expected to bring in revenue of $12.7B. The returns are nearly $-2.04 billion lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at -1.74, lower than that of FY19 by -$2.82. Estimates put this year’s earnings growth at -261.10%, 149.40% for the next, and at an annual 4.90% over the next 5-year period. As for sales, forecasts are for a decrease of -13.80% in the current fiscal year and a further 11.60% over the following year.