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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of some unusual options trading on Thursday. Stock traders acquired 23,617 call options on the company. This represents an increase of approximately 334% compared to the typical volume of 5,444 call options.

Analyst Ratings Changes

GT has been the subject of a number of recent analyst reports. Argus raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, February 18th. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. TD Cowen began 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. Finally, 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 research note on Monday. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Goodyear Tire & Rubber currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.78.

Institutional Trading of Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Goodyear Tire & Rubber by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,532,990 shares of the company’s stock valued at $31,267,000 after purchasing an additional 252,960 shares in the last quarter. Citigroup Inc. raised its position in Goodyear Tire & Rubber by 66.7% in the third quarter. Citigroup Inc. now owns 491,990 shares of the company’s stock worth $4,354,000 after purchasing an additional 196,788 shares in the last quarter. FMR LLC raised its position in Goodyear Tire & Rubber by 28.1% in the third quarter. FMR LLC now owns 842,822 shares of the company’s stock worth $7,459,000 after purchasing an additional 184,770 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Goodyear Tire & Rubber by 221.0% during the third quarter. BNP Paribas Financial Markets now owns 678,452 shares of the company’s stock valued at $6,004,000 after purchasing an additional 467,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Goodyear Tire & Rubber by 8.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,429 shares of the company’s stock valued at $747,000 after purchasing an additional 6,903 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

Goodyear Tire & Rubber stock traded up $0.85 on Thursday, reaching $9.97. 8,842,664 shares of the stock were exchanged, compared to its average volume of 4,728,773. The stock has a market cap of $2.84 billion, a PE ratio of 41.52 and a beta of 1.49. The firm has a fifty day moving average price of $9.18 and a two-hundred day moving average price of $9.08. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $13.78. The company has a current ratio of 1.04, a quick ratio of 0.55 and a debt-to-equity ratio of 1.30.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.39 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 the consensus estimate of $4.91 billion. Sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.5 EPS for the current 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.