The Goodyear Tire & Rubber Company (NASDAQ:GT) [Trend Analysis] regains street interests, as shares eased up 0.82% on Wednesday and it traded at $28.41. Goodyear Tire (GT) reported that it commences $900M public offering of 10-year senior notes. The firm aims to use net proceeds from this offering, together with current cash as well as cash equivalents, to redeem in full its $900 million aggregate principal amount of 6.5% senior notes due 2021. The notes will be senior unsecured obligations of the company. Issuance and sale of the notes is subject to market and other customary closing conditions. Goodyear said it intends to use the net proceeds from this offering, together with current cash and cash equivalents, to redeem in full its $900 million aggregate principal amount of 6.5% senior notes due 2021.
The offering will be made under a shelf registration statement that was filed with the U.S. Securities and Exchange Commission and became automatically effective on November 2, 2015. The offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus
Moving toward technical analysis, the current ratio, or the liquidity ratio of a company was calculated 1.40 as compared to its debt to equity ratio stands at 1.48. This is an important indicator as a higher ratio typically suggests that investors are investing more confidently as compared to companies in the same industry has lower ratios. When calculating in the EPS estimates for the current year from sell-side analysts, the Price to current year EPS stands at -87.20%. Investors looking further ahead will note that the Price to next year’s EPS is 5.99%.
As for as concerns shares volumes, in share capital The Goodyear Tire & Rubber Company (NASDAQ:GT) has 267.00 million outstanding shares among them 266.60 million shares have been floated in market exchange. The firm’s institutional ownership remained 93.80% while insider ownership included 0.30%.
The stock showed weekly upbeat performance of -0.07%, which maintained for the month at -8.47%. Likewise the positive performance for the quarter recorded as 3.74% and for the year was -3.72%, while the YTD performance remained at -12.62%.