Stock Traders Purchase High 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 Monday. Investors purchased 16,659 call options on the company. This is an increase of approximately 298% compared to the average volume of 4,182 call options.

Goodyear Tire & Rubber Stock Down 4.0%

Shares of NASDAQ:GT traded down $0.32 during trading on Monday, hitting $7.55. 4,158,945 shares of the company were exchanged, compared to its average volume of 6,615,591. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 5.31, a P/E/G ratio of 0.96 and a beta of 1.37. Goodyear Tire & Rubber has a fifty-two week low of $7.46 and a fifty-two week high of $12.03. The firm has a fifty day moving average price of $9.02 and a two-hundred day moving average price of $9.95. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.31). The company had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm earned $0.19 EPS. As a group, research analysts anticipate that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC increased its holdings in shares of Goodyear Tire & Rubber by 123.1% during the 2nd quarter. Corient Private Wealth LLC now owns 54,658 shares of the company’s stock worth $567,000 after acquiring an additional 30,158 shares during the last quarter. Marex Group plc acquired a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth approximately $122,000. Advisory Services Network LLC increased its holdings in shares of Goodyear Tire & Rubber by 6.9% during the 2nd quarter. Advisory Services Network LLC now owns 47,713 shares of the company’s stock worth $490,000 after acquiring an additional 3,083 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Goodyear Tire & Rubber by 257.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 50,676 shares of the company’s stock worth $526,000 after acquiring an additional 36,495 shares during the last quarter. Finally, State of Tennessee Department of Treasury increased its holdings in shares of Goodyear Tire & Rubber by 39.9% during the 2nd quarter. State of Tennessee Department of Treasury now owns 105,179 shares of the company’s stock worth $1,091,000 after acquiring an additional 30,000 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Citigroup assumed coverage on Goodyear Tire & Rubber in a research report on Monday, September 8th. They issued a “neutral” rating and a $10.00 target price on the stock. HSBC reissued a “hold” rating and issued a $9.50 target price (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 research report on Wednesday, August 20th. BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. Finally, BNP Paribas Exane reaffirmed a “neutral” rating and set a $9.00 price target on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $11.93.

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.