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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of some unusual options trading on Monday. Traders bought 14,513 call options on the stock. This is an increase of 146% compared to the average daily volume of 5,891 call options.

Goodyear Tire & Rubber Price Performance

NASDAQ GT traded up $0.20 during mid-day trading on Monday, hitting $6.60. The stock had a trading volume of 8,840,194 shares, compared to its average volume of 7,999,286. Goodyear Tire & Rubber has a 52-week low of $5.43 and a 52-week high of $11.79. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -0.91 and a beta of 1.12. The company has a 50 day simple moving average of $6.42 and a 200 day simple moving average of $7.78. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.05. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The firm had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same period last year, the business posted ($0.04) EPS. Goodyear Tire & Rubber’s quarterly revenue was down 8.7% on a year-over-year basis. Equities analysts forecast that Goodyear Tire & Rubber will post -0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its position in Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after buying an additional 1,011 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its position in Goodyear Tire & Rubber by 1.4% during the fourth quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock worth $657,000 after buying an additional 1,065 shares in the last quarter. Farther Finance Advisors LLC increased its position in Goodyear Tire & Rubber by 11.5% during the fourth quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company’s stock worth $98,000 after buying an additional 1,152 shares in the last quarter. Cetera Investment Advisers increased its position in Goodyear Tire & Rubber by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock worth $1,153,000 after buying an additional 1,282 shares in the last quarter. Finally, Advisory Services Network LLC increased its position in Goodyear Tire & Rubber by 2.8% during the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock worth $496,000 after buying an additional 1,529 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

GT has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Zacks Research cut Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $8.54.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.