Stock Traders Purchase High Volume of Goodyear Tire & Rubber Call Options (NASDAQ:GT)

Key Points

• Traders significantly increased their purchase of Goodyear Tire & Rubber call options, with a total of 16,659 options traded—an increase of approximately 298% compared to the usual volume.
• Goodyear's stock is currently priced at $7.55, down 4.0% during mid-day trading, with analysts noting a mixed outlook on the stock's rating and target prices following recent earnings results.
• Recent reports indicate that institutional investors now hold 84.19% of Goodyear's stock, reflecting a strong interest from hedge funds in investing or increasing their stakes in the company.

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) was the target of some unusual options trading on Monday. Traders purchased 16,659 call options on the stock. This represents an increase of approximately 298% compared to the average volume of 4,182 call options.

Analyst Ratings Changes

GT has been the topic of several recent research reports. HSBC reiterated a "hold" rating and issued a $9.50 price target (down previously from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft cut their target price on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Hsbc Global Res lowered Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. BNP Paribas Exane reissued a "neutral" rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. Finally, BNP Paribas lowered Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $11.93.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds have recently modified their holdings of GT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Goodyear Tire & Rubber by 17.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 642,347 shares of the company's stock worth $5,781,000 after purchasing an additional 93,158 shares during the period. GTS Securities LLC raised its position in shares of Goodyear Tire & Rubber by 107.4% during the fourth quarter. GTS Securities LLC now owns 10,178 shares of the company's stock worth $92,000 after purchasing an additional 146,848 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth about $1,423,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth about $5,269,000. Finally, GAMMA Investing LLC raised its position in Goodyear Tire & Rubber by 2,186.8% in the 1st quarter. GAMMA Investing LLC now owns 25,955 shares of the company's stock valued at $240,000 after buying an additional 24,820 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company's stock.

Goodyear Tire & Rubber Stock Down 4.0%

Shares of NASDAQ GT traded down $0.32 during mid-day trading on Monday, reaching $7.55. 4,158,945 shares of the company's stock were exchanged, compared to its average volume of 6,615,591. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.96 and a beta of 1.37. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24. The business has a fifty day simple moving average of $9.02 and a 200 day simple moving average of $9.95. Goodyear Tire & Rubber has a twelve month low of $7.46 and a twelve month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). The business 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 company's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 EPS. As a group, equities analysts expect that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

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.

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