Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 4.1% – Here’s Why

The Goodyear Tire & Rubber Company (NASDAQ:GT) rose 4.1% during trading on Thursday . The company traded as high as $9.46 and last traded at $9.41. Approximately 1,389,271 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 5,504,888 shares. The stock had previously closed at $9.04.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a research report on Friday, December 20th. Argus upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Tuesday, February 18th. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Finally, TD Cowen assumed 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 on the stock. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.18.

Goodyear Tire & Rubber Stock Down 1.8 %

The stock has a fifty day moving average price of $9.19 and a two-hundred day moving average price of $9.00. The company has a market cap of $2.61 billion, a P/E ratio of 38.08 and a beta of 1.71. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results 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 net margin of 0.37% and a return on equity of 6.21%. The firm had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.91 billion. On average, research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of hedge funds have recently bought and sold shares of GT. Allworth Financial LP increased its position in shares of Goodyear Tire & Rubber by 251.8% during the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock valued at $40,000 after purchasing an additional 3,059 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Goodyear Tire & Rubber during the third quarter worth about $45,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Goodyear Tire & Rubber in the fourth quarter worth about $46,000. Signaturefd LLC boosted its stake in Goodyear Tire & Rubber by 61.2% in the fourth 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 last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter valued at approximately $54,000. 84.19% of the stock is currently owned by institutional investors.

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.