Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 4.1% – Here’s Why

The Goodyear Tire & Rubber Company (NASDAQ:GT) traded up 4.1% during mid-day trading on Thursday . The company traded as high as $9.46 and last traded at $9.41. 1,389,271 shares traded hands during trading, a decline of 75% from the average session volume of 5,504,888 shares. The stock had previously closed at $9.04.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. TD Cowen started coverage on shares of Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a “buy” rating and a $14.00 price target for the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a research report on Friday, December 20th. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Finally, Argus raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Goodyear Tire & Rubber has an average rating of “Moderate Buy” and a consensus target price of $13.18.

Goodyear Tire & Rubber Price Performance

The firm has a market capitalization of $2.61 billion, a P/E ratio of 38.08 and a beta of 1.71. The company has a 50-day moving average price of $9.19 and a 200-day moving average price of $9.00. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.91 billion. On average, sell-side analysts predict that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently made changes to their positions in GT. Norges Bank acquired a new position in Goodyear Tire & Rubber in the 4th quarter valued at $39,626,000. Maple Rock Capital Partners Inc. bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth approximately $16,875,000. Atlantic Investment Management Inc. acquired a new stake in Goodyear Tire & Rubber during the fourth quarter worth approximately $11,803,000. American Century Companies Inc. lifted its position in Goodyear Tire & Rubber by 10.3% during the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company’s stock worth $86,871,000 after purchasing an additional 897,463 shares during the period. Finally, Greenvale Capital LLP acquired a new stake in Goodyear Tire & Rubber in the fourth quarter valued at about $6,750,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

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.