Cooper Tire & Rubber Co (NYSE:CTB) Sees Large Decline in Short Interest

Cooper Tire & Rubber Co (NYSE:CTB) was the target of a significant drop in short interest in May. As of May 31st, there was short interest totalling 5,470,400 shares, a drop of 5.3% from the April 30th total of 5,778,600 shares. Approximately 11.3% of the shares of the stock are sold short. Based on an average trading volume of 357,400 shares, the short-interest ratio is currently 15.3 days.

A number of research firms recently issued reports on CTB. Zacks Investment Research lowered shares of First Merchants from a “hold” rating to a “sell” rating in a research note on Monday, July 1st. KeyCorp reiterated a “buy” rating and issued a $235.00 target price on shares of Workday in a research note on Wednesday, May 22nd. Finally, Longbow Research reiterated a “hold” rating on shares of Cooper Tire & Rubber in a research note on Sunday, July 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $33.67.

Shares of NYSE:CTB traded up $0.62 during midday trading on Friday, reaching $30.79. 272,372 shares of the company’s stock were exchanged, compared to its average volume of 218,689. The business has a 50 day moving average price of $30.23. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 14.12 and a beta of 0.68. Cooper Tire & Rubber has a 12 month low of $23.27 and a 12 month high of $35.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.93 and a quick ratio of 1.15.

Cooper Tire & Rubber (NYSE:CTB) last released its quarterly earnings data on Monday, April 29th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.06). Cooper Tire & Rubber had a return on equity of 9.25% and a net margin of 2.66%. The business had revenue of $619.20 million for the quarter, compared to the consensus estimate of $608.14 million. During the same period in the previous year, the business posted $0.16 earnings per share. Cooper Tire & Rubber’s revenue was up 2.9% on a year-over-year basis. As a group, equities research analysts expect that Cooper Tire & Rubber will post 2.43 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a dividend of $0.105 per share. This represents a $0.42 annualized dividend and a yield of 1.36%. The ex-dividend date was Friday, May 31st. Cooper Tire & Rubber’s dividend payout ratio is currently 19.27%.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in shares of Cooper Tire & Rubber by 4.1% during the 4th quarter. BlackRock Inc. now owns 7,480,493 shares of the company’s stock worth $241,845,000 after buying an additional 295,428 shares during the period. Frontier Capital Management Co. LLC grew its position in shares of Cooper Tire & Rubber by 11.8% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,292,746 shares of the company’s stock worth $38,640,000 after buying an additional 136,917 shares during the period. Victory Capital Management Inc. grew its position in shares of Cooper Tire & Rubber by 15.0% during the 1st quarter. Victory Capital Management Inc. now owns 819,427 shares of the company’s stock worth $24,493,000 after buying an additional 107,048 shares during the period. Geode Capital Management LLC grew its position in shares of Cooper Tire & Rubber by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 528,682 shares of the company’s stock worth $17,092,000 after buying an additional 31,506 shares during the period. Finally, Norges Bank acquired a new stake in shares of Cooper Tire & Rubber during the 4th quarter worth approximately $15,800,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Cooper Tire & Rubber Company Profile

Cooper Tire & Rubber Company, together with its subsidiaries, designs, manufactures, markets, and sells replacement tires in North America, Latin America, Europe, and Asia. The company operates through Americas Tire Operations and International Tire Operations segments. It manufactures and markets passenger car, light truck, truck and bus radial (TBR), motorcycle, and racing tires, as well as tire retread materials; and markets and distributes racing, TBR, and motorcycle tires.

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