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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of unusually large options trading activity on Thursday. Traders acquired 23,617 call options on the stock. This is an increase of approximately 334% compared to the typical daily volume of 5,444 call options.

Goodyear Tire & Rubber Stock Up 9.3 %

NASDAQ GT traded up $0.85 during trading hours on Thursday, hitting $9.97. 8,842,664 shares of the company traded hands, compared to its average volume of 4,728,773. 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 is $9.18 and its 200-day moving average is $9.08. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 41.52 and a beta of 1.49. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $13.78.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.39 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $4.91 billion. Sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. 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 research report on Monday. Argus raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock 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, TD Cowen assumed 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 on the stock. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.78.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GT. Allworth Financial LP grew its holdings in Goodyear Tire & Rubber by 251.8% during the fourth quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock worth $40,000 after purchasing an additional 3,059 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth approximately $45,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth approximately $46,000. Signaturefd LLC raised its stake in Goodyear Tire & Rubber by 61.2% in the 4th quarter. Signaturefd LLC now owns 5,259 shares of the company’s stock valued at $47,000 after acquiring an additional 1,997 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Goodyear Tire & Rubber during the 4th quarter valued at $54,000. 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.