Goodyear Tire & Rubber (NASDAQ:GT) Shares Up 11% - Here's Why

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report)'s share price shot up 11% during mid-day trading on Monday . The company traded as high as $11.58 and last traded at $11.81. 1,701,222 shares were traded during trading, a decline of 69% from the average session volume of 5,434,396 shares. The stock had previously closed at $10.64.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GT. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 price objective on the stock in a research note on Monday, March 31st. BNP Paribas upgraded Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday. Wall Street Zen lowered Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a report on Saturday, May 10th. BNP Paribas Exane raised Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 target price on the stock in a report on Monday. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and set a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Three analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.17.

Goodyear Tire & Rubber Trading Down 3.4%

The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The business has a fifty day simple moving average of $10.67 and a 200 day simple moving average of $9.78. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 46.67 and a beta of 1.40.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.02. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.41 billion. During the same period in the prior year, the firm posted $0.10 EPS. The company's revenue for the quarter was down 6.3% on a year-over-year basis. As a group, research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GT. Rhumbline Advisers lifted its position in shares of Goodyear Tire & Rubber by 1.3% during the 4th quarter. Rhumbline Advisers now owns 975,955 shares of the company's stock valued at $8,784,000 after acquiring an additional 12,359 shares during the period. Allworth Financial LP lifted its position in shares of Goodyear Tire & Rubber by 251.8% during the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company's stock valued at $40,000 after acquiring an additional 3,059 shares during the period. KLCM Advisors Inc. lifted its position in shares of Goodyear Tire & Rubber by 59.4% during the 4th quarter. KLCM Advisors Inc. now owns 1,770,430 shares of the company's stock valued at $15,934,000 after acquiring an additional 659,635 shares during the period. Sanctuary Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 11.3% during the 4th quarter. Sanctuary Advisors LLC now owns 11,901 shares of the company's stock valued at $110,000 after acquiring an additional 1,209 shares during the period. Finally, Truist Financial Corp lifted its position in shares of Goodyear Tire & Rubber by 5.2% during the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company's stock valued at $205,000 after acquiring an additional 1,115 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

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.