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

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the target of some unusual options trading activity on Wednesday. Stock traders acquired 13,503 put options on the company. This is an increase of approximately 156% compared to the typical volume of 5,278 put options.

Goodyear Tire & Rubber Stock Up 2.0 %

Shares of NASDAQ GT opened at $9.12 on Thursday. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30. The firm has a market cap of $2.60 billion, a PE ratio of 38.00 and a beta of 1.49. The company’s fifty day simple moving average is $9.18 and its 200 day simple moving average is $9.08. Goodyear Tire & Rubber has a 12-month low of $7.27 and a 12-month high of $13.78.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GT. 111 Capital bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter valued at $197,000. Siemens Fonds Invest GmbH raised its holdings in shares of Goodyear Tire & Rubber by 282.4% in the 4th quarter. Siemens Fonds Invest GmbH now owns 51,688 shares of the company’s stock worth $465,000 after acquiring an additional 38,170 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Goodyear Tire & Rubber in the 4th quarter valued at about $5,269,000. Public Employees Retirement System of Ohio acquired a new position in Goodyear Tire & Rubber during the 4th quarter valued at about $1,423,000. Finally, GTS Securities LLC increased its holdings in Goodyear Tire & Rubber by 107.4% during the 4th quarter. GTS Securities LLC now owns 10,178 shares of the company’s stock worth $92,000 after purchasing an additional 146,848 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GT. TD Cowen began coverage on shares of Goodyear Tire & Rubber in a research report on Friday, March 7th. They issued a “buy” rating and a $14.00 price target on the stock. Argus upgraded 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 report on Tuesday, February 18th. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Deutsche Bank Aktiengesellschaft raised 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. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber has an average rating of “Moderate Buy” and an average target price of $13.78.

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.