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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of some unusual options trading activity on Monday. Traders purchased 16,659 call options on the stock. This is an increase of approximately 298% compared to the typical volume of 4,182 call options.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $7.50 on Tuesday. The company has a market capitalization of $2.15 billion, a PE ratio of 5.28, a price-to-earnings-growth ratio of 0.96 and a beta of 1.37. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. Goodyear Tire & Rubber has a 52-week low of $7.43 and a 52-week high of $12.03. The company has a 50-day simple moving average of $8.95 and a 200 day simple moving average of $9.94.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The company had revenue of $4.47 billion for the quarter, compared to analysts’ expectations of $4.50 billion. During the same quarter in the previous year, the business earned $0.19 EPS. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. On average, research analysts predict that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GT shares. BNP Paribas lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. Citigroup began coverage on shares of Goodyear Tire & Rubber in a report on Monday, September 8th. They issued a “neutral” rating and a $10.00 target price on the stock. HSBC reaffirmed a “hold” rating and issued a $9.50 price target (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Hsbc Global Res lowered Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.93.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its position in shares of Goodyear Tire & Rubber by 147.5% in the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock valued at $26,000 after purchasing an additional 1,674 shares during the period. Solstein Capital LLC bought a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $26,000. UMB Bank n.a. lifted its position in shares of Goodyear Tire & Rubber by 125.9% during the first quarter. UMB Bank n.a. now owns 3,136 shares of the company’s stock worth $29,000 after acquiring an additional 1,748 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Goodyear Tire & Rubber in the second quarter worth $29,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Goodyear Tire & Rubber by 3,894.3% in the second quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock valued at $29,000 after purchasing an additional 2,726 shares in the last quarter. Hedge funds and other institutional investors 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.