Goodyear Tire & Rubber Target of Unusually Large Options Trading (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw some unusual options trading activity on Monday. Investors purchased 14,513 call options on the stock. This is an increase of 146% compared to the typical volume of 5,891 call options.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in Goodyear Tire & Rubber by 6.3% in the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock worth $245,699,000 after buying an additional 1,666,394 shares in the last quarter. Vanguard Group Inc. raised its stake in Goodyear Tire & Rubber by 4.2% during the third quarter. Vanguard Group Inc. now owns 27,950,476 shares of the company’s stock worth $209,070,000 after acquiring an additional 1,130,037 shares during the period. Dimensional Fund Advisors LP raised its stake in Goodyear Tire & Rubber by 8.9% during the first quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after acquiring an additional 1,352,085 shares during the period. American Century Companies Inc. raised its stake in Goodyear Tire & Rubber by 7.0% during the third quarter. American Century Companies Inc. now owns 12,457,220 shares of the company’s stock worth $93,180,000 after acquiring an additional 816,703 shares during the period. Finally, State Street Corp raised its stake in Goodyear Tire & Rubber by 0.4% during the fourth quarter. State Street Corp now owns 10,450,140 shares of the company’s stock worth $91,543,000 after acquiring an additional 36,786 shares during the period. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, TD Cowen decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $8.54.

Goodyear Tire & Rubber Stock Up 3.0%

Shares of Goodyear Tire & Rubber stock opened at $6.59 on Tuesday. The company has a fifty day moving average price of $6.42 and a 200 day moving average price of $7.76. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. Goodyear Tire & Rubber has a twelve month low of $5.43 and a twelve month high of $11.79. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -0.91 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The firm had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.81 billion. During the same period in the prior year, the company earned ($0.04) EPS. The firm’s revenue was down 8.7% on a year-over-year basis. Equities research analysts forecast that Goodyear Tire & Rubber will post -0.27 earnings per share for the current fiscal year.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.