Traders Buy Large Volume of Put Options on Goodyear Tire & Rubber (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of unusually large options trading on Wednesday. Traders purchased 13,503 put options on the stock. This represents an increase of approximately 156% compared to the typical daily volume of 5,278 put options.

Institutional Trading of Goodyear Tire & Rubber

Several large investors have recently added to or reduced their stakes in the business. Allworth Financial LP raised its stake in shares of Goodyear Tire & Rubber by 251.8% in the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock valued at $40,000 after acquiring an additional 3,059 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Goodyear Tire & Rubber in the third quarter worth $45,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth $46,000. Signaturefd LLC grew 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 buying an additional 1,997 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in Goodyear Tire & Rubber in the 4th quarter valued at $54,000. 84.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Goodyear Tire & Rubber Stock Up 2.0 %

Shares of NASDAQ:GT traded up $0.18 during midday trading on Wednesday, hitting $9.12. 2,485,318 shares of the stock were exchanged, compared to its average volume of 5,507,015. The business’s fifty day simple moving average is $9.18 and its two-hundred day simple moving average is $9.08. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. Goodyear Tire & Rubber has a 52-week low of $7.27 and a 52-week high of $13.78. The company has a market capitalization of $2.60 billion, a PE ratio of 38.00 and a beta of 1.49.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.10. The business had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.91 billion. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. As a group, research analysts predict that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

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.