Traders Purchase High Volume of Call Options on Goodyear Tire & Rubber (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of some unusual options trading on Thursday. Traders purchased 23,617 call options on the stock. This represents an increase of approximately 334% compared to the average volume of 5,444 call options.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GT. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Argus raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Tuesday, February 18th. TD Cowen initiated coverage on shares of Goodyear Tire & Rubber in a report on Friday, March 7th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Monday, March 31st. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.78.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GT. Truist Financial Corp grew its position in shares of Goodyear Tire & Rubber by 5.2% during the fourth quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock worth $205,000 after acquiring an additional 1,115 shares during the last quarter. Barclays PLC grew its position in Goodyear Tire & Rubber by 158.6% during the 3rd quarter. Barclays PLC now owns 975,634 shares of the company’s stock worth $8,635,000 after purchasing an additional 598,330 shares during the last quarter. Geode Capital Management LLC increased its stake in Goodyear Tire & Rubber by 1.2% in the third quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock valued at $62,438,000 after purchasing an additional 86,227 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Goodyear Tire & Rubber by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company’s stock valued at $33,648,000 after purchasing an additional 205,629 shares during the period. Finally, FMR LLC boosted its stake in shares of Goodyear Tire & Rubber by 28.1% during the third quarter. FMR LLC now owns 842,822 shares of the company’s stock worth $7,459,000 after buying an additional 184,770 shares during the period. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Trading Down 4.8 %

NASDAQ GT opened at $9.70 on Friday. The firm’s fifty day moving average price is $9.20 and its 200 day moving average price is $9.10. Goodyear Tire & Rubber has a 12 month low of $7.27 and a 12 month high of $13.48. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 40.42 and a beta of 1.49.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.39 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $4.91 billion. On average, sell-side analysts expect that Goodyear Tire & Rubber will post 1.5 earnings per share 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.