Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 5.6% – Here’s What Happened

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) were up 5.6% during trading on Wednesday . The stock traded as high as $8.91 and last traded at $8.95. Approximately 2,723,175 shares changed hands during trading, a decline of 44% from the average daily volume of 4,892,220 shares. The stock had previously closed at $8.48.

Analyst Upgrades and Downgrades

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

Goodyear Tire & Rubber Stock Up 6.7 %

The company has a market cap of $2.76 billion, a P/E ratio of 40.29 and a beta of 1.49. 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 business’s 50 day moving average price is $9.23 and its 200-day moving average price is $9.15.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates 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, analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. 180 Wealth Advisors LLC lifted its holdings in Goodyear Tire & Rubber by 30.2% in the first quarter. 180 Wealth Advisors LLC now owns 31,408 shares of the company’s stock valued at $290,000 after buying an additional 7,288 shares during the period. Investors Research Corp increased its position in shares of Goodyear Tire & Rubber by 15.3% during the first quarter. Investors Research Corp now owns 39,350 shares of the company’s stock worth $364,000 after acquiring an additional 5,225 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Goodyear Tire & Rubber by 72.8% during the first quarter. Parallel Advisors LLC now owns 5,822 shares of the company’s stock worth $54,000 after acquiring an additional 2,452 shares during the period. GAMMA Investing LLC boosted its stake in Goodyear Tire & Rubber by 2,186.8% in the 1st quarter. GAMMA Investing LLC now owns 25,955 shares of the company’s stock worth $240,000 after purchasing an additional 24,820 shares during the period. Finally, 111 Capital bought a new position in Goodyear Tire & Rubber during the 4th quarter worth about $197,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

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.