Goodyear Tire & Rubber Sees Unusually High Options Volume (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of some unusual options trading activity on Wednesday. Traders purchased 9,421 put options on the company. This represents an increase of 88% compared to the average volume of 5,003 put options.

Institutional Trading of Goodyear Tire & Rubber

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Goodyear Tire & Rubber during the second quarter worth $238,776,000. Dimensional Fund Advisors LP lifted its holdings in shares of Goodyear Tire & Rubber by 8.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after acquiring an additional 1,352,085 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth about $78,278,000. Cibc World Market Inc. acquired a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $18,676,000. Finally, Bank of America Corp DE bought a new stake in Goodyear Tire & Rubber in the second quarter valued at about $17,313,000. 84.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GT has been the topic of several recent analyst reports. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. JPMorgan Chase & Co. raised their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT traded up $0.01 on Wednesday, hitting $5.26. 3,171,872 shares of the company were exchanged, compared to its average volume of 8,635,585. The company’s 50 day moving average price is $6.44 and its two-hundred day moving average price is $6.54. Goodyear Tire & Rubber has a one year low of $5.18 and a one year high of $10.62. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -0.60 and a beta of 1.10.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. During the same quarter last year, the company earned ($0.17) earnings per share. The firm’s revenue was down 4.8% on a year-over-year basis. Research analysts expect that Goodyear Tire & Rubber will post -0.43 earnings per share for the current year.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.