Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 3.1% – Here’s Why

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price was up 3.1% during mid-day trading on Monday . The stock traded as high as $9.04 and last traded at $9.07. Approximately 527,247 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 4,655,137 shares. The stock had previously closed at $8.79.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GT shares. Argus upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Tuesday, February 18th. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Deutsche Bank Aktiengesellschaft upgraded 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 research note on Monday. Finally, TD Cowen started coverage on shares of Goodyear Tire & Rubber in a report on Friday, March 7th. They set a “buy” rating and a $14.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.78.

Goodyear Tire & Rubber Stock Performance

The business’s fifty day simple moving average is $9.18 and its 200-day simple moving average is $9.08. The company has a market capitalization of $2.55 billion, a P/E ratio of 37.25 and a beta of 1.71. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Thursday, February 13th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.10. The firm had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.91 billion. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. As a group, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently bought and sold shares of GT. Charles Schwab Investment Management Inc. boosted its position in Goodyear Tire & Rubber by 7.7% in the 3rd 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. boosted its holdings in shares of Goodyear Tire & Rubber by 66.7% in the third quarter. Citigroup Inc. now owns 491,990 shares of the company’s stock valued at $4,354,000 after purchasing an additional 196,788 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Goodyear Tire & Rubber in the third quarter worth approximately $122,000. D.A. Davidson & CO. increased its holdings in Goodyear Tire & Rubber by 11.9% during 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 period. Finally, FMR LLC raised its position in Goodyear Tire & Rubber by 28.1% during the 3rd quarter. FMR LLC now owns 842,822 shares of the company’s stock valued at $7,459,000 after purchasing an additional 184,770 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

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.