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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of some unusual options trading on Tuesday. Stock investors purchased 13,342 call options on the stock. This represents an increase of 136% compared to the typical volume of 5,646 call options.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $7.43 on Wednesday. Goodyear Tire & Rubber has a 52 week low of $6.51 and a 52 week high of $12.03. The business has a 50-day simple moving average of $7.73 and a 200 day simple moving average of $9.54. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 5.23, a PEG ratio of 2.35 and a beta of 1.28.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Monday, November 3rd. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.16 by $0.12. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the previous year, the business earned $0.37 earnings per share. The firm’s revenue was down 3.7% on a year-over-year basis. On average, research analysts forecast that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GT has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, October 20th. BNP Paribas Exane reissued a “neutral” rating and set a $9.00 price target on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 8th. Hsbc Global Res cut Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price 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 equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $11.50.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GT. GAMMA Investing LLC grew its position in Goodyear Tire & Rubber by 147.5% during the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock worth $26,000 after buying an additional 1,674 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Goodyear Tire & Rubber by 19.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 19,650 shares of the company’s stock worth $182,000 after purchasing an additional 3,212 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Goodyear Tire & Rubber by 2.6% during the first quarter. New York State Teachers Retirement System now owns 295,375 shares of the company’s stock worth $2,729,000 after purchasing an additional 7,608 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in Goodyear Tire & Rubber by 60.2% during the first quarter. Vontobel Holding Ltd. now owns 46,313 shares of the company’s stock worth $428,000 after purchasing an additional 17,405 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in Goodyear Tire & Rubber during the first quarter worth about $366,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

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.