Goodyear Tire & Rubber Target of Unusually Large Options Trading (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of some unusual options trading on Wednesday. Investors acquired 13,503 put options on the stock. This is an increase of 156% compared to the typical volume of 5,278 put options.

Analysts Set New Price Targets

GT has been the subject of several recent research reports. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Argus upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Monday. Finally, TD Cowen assumed coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They set a “buy” rating and a $14.00 target price for the company. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.78.

Institutional Trading of Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,532,990 shares of the company’s stock valued at $31,267,000 after buying an additional 252,960 shares during the period. Citigroup Inc. lifted its holdings in Goodyear Tire & Rubber by 66.7% in the 3rd quarter. Citigroup Inc. now owns 491,990 shares of the company’s stock valued at $4,354,000 after acquiring an additional 196,788 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at about $122,000. D.A. Davidson & CO. grew its stake in shares of Goodyear Tire & Rubber by 11.9% in the 3rd quarter. D.A. Davidson & CO. now owns 68,808 shares of the company’s stock worth $609,000 after purchasing an additional 7,338 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Goodyear Tire & Rubber by 28.1% in the 3rd quarter. FMR LLC now owns 842,822 shares of the company’s stock worth $7,459,000 after purchasing an additional 184,770 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Stock Performance

Shares of GT traded up $0.18 during mid-day trading on Wednesday, reaching $9.12. 2,485,318 shares of the company’s stock traded hands, compared to its average volume of 5,507,015. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The business’s 50-day moving average price is $9.18 and its 200-day moving average price is $9.08. The stock has a market capitalization of $2.60 billion, a P/E ratio of 38.00 and a beta of 1.49. Goodyear Tire & Rubber has a 12 month low of $7.27 and a 12 month high of $13.78.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The company had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.91 billion. Equities analysts predict that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.