Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 6.2% - Here's Why

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report)'s share price rose 6.2% on Tuesday . The stock traded as high as $11.45 and last traded at $11.57. Approximately 728,061 shares changed hands during trading, a decline of 87% from the average daily volume of 5,760,362 shares. The stock had previously closed at $10.89.

Analyst Ratings Changes

Several brokerages have recently issued reports on GT. JPMorgan Chase & Co. restated an "overweight" rating and issued a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft raised shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 target price for the company in a research note on Monday, March 31st. BNP Paribas raised shares of Goodyear Tire & Rubber from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. BNP Paribas Exane raised Goodyear Tire & Rubber from a "neutral" rating to an "outperform" rating and set a $15.00 price target on the stock in a research note on Monday, June 9th. Finally, Wall Street Zen cut shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.20.

Goodyear Tire & Rubber Trading Down 2.3%

The firm's 50 day simple moving average is $10.98 and its 200-day simple moving average is $9.91. The company has a market capitalization of $3.20 billion, a PE ratio of 13.32, a P/E/G ratio of 0.33 and a beta of 1.35. The company has a quick ratio of 0.64, a current ratio of 1.22 and a debt-to-equity ratio of 1.44.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.02. Goodyear Tire & Rubber had a net margin of 1.30% and a return on equity of 5.31%. The firm had revenue of $4.25 billion during the quarter, compared to analysts' expectations of $4.41 billion. During the same period in the prior year, the company earned $0.10 EPS. The firm's revenue was down 6.3% on a year-over-year basis. As a group, equities research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in Goodyear Tire & Rubber by 147.5% in the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock valued at $26,000 after purchasing an additional 1,674 shares during the last quarter. UMB Bank n.a. raised its position in shares of Goodyear Tire & Rubber by 125.9% during the 1st quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock valued at $29,000 after acquiring an additional 1,748 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of Goodyear Tire & Rubber in the 1st quarter worth about $33,000. Farther Finance Advisors LLC lifted its holdings in Goodyear Tire & Rubber by 1,799.1% in the first quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock worth $37,000 after acquiring an additional 3,868 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Goodyear Tire & Rubber during the 4th quarter valued at approximately $46,000. Hedge funds and other institutional investors own 84.19% of the company's stock.

About Goodyear Tire & Rubber

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.