Goodyear Tire & Rubber Sees Unusually Large Options Volume (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw some unusual options trading on Wednesday. Stock traders purchased 13,503 put options on the company. This is an increase of 156% compared to the average daily volume of 5,278 put options.

Institutional Trading of Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently made changes to their positions in GT. Norges Bank acquired a new stake in Goodyear Tire & Rubber during the 4th quarter worth approximately $39,626,000. Maple Rock Capital Partners Inc. bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter valued at $16,875,000. Atlantic Investment Management Inc. bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter valued at $11,803,000. American Century Companies Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 10.3% during the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company’s stock worth $86,871,000 after purchasing an additional 897,463 shares during the period. Finally, Greenvale Capital LLP bought a new stake in shares of Goodyear Tire & Rubber in the fourth quarter worth $6,750,000. 84.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on GT shares. TD Cowen started coverage on shares of Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a “buy” rating and a $14.00 price objective for the company. Argus raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Tuesday, February 18th. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Monday. Two research 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 company. According to data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of “Moderate Buy” and an average target price of $13.78.

Goodyear Tire & Rubber Stock Up 2.0 %

GT stock opened at $9.12 on Thursday. The company has a market cap of $2.60 billion, a PE ratio of 38.00 and a beta of 1.49. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30. Goodyear Tire & Rubber has a 52 week low of $7.27 and a 52 week high of $13.78. The business has a 50-day simple moving average of $9.18 and a 200 day simple moving average of $9.08.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Thursday, February 13th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.10. The firm had revenue of $4.95 billion for 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%. Sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal 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.