Goodyear Tire & Rubber (NASDAQ:GT) Sees Unusually-High Trading Volume – Here’s Why

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) saw unusually-high trading volume on Thursday . Approximately 4,399,720 shares were traded during trading, a decline of 7% from the previous session’s volume of 4,718,181 shares.The stock last traded at $10.16 and had previously closed at $9.12.

Analyst Ratings Changes

GT has been the subject of several recent analyst reports. TD Cowen initiated coverage on shares of Goodyear Tire & Rubber in a report on Friday, March 7th. They set a “buy” rating and a $14.00 price objective for the company. Argus upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Monday, March 31st. Finally, StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.78.

Goodyear Tire & Rubber Price Performance

The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 40.42 and a beta of 1.49. The company’s fifty day moving average price is $9.20 and its 200 day moving average price is $9.10. 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 posted its earnings results on Thursday, February 13th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.29 by $0.10. The company had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.91 billion. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. Equities research analysts expect 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 have recently modified their holdings of the company. Allworth Financial LP boosted its stake in 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 purchasing an additional 3,059 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Goodyear Tire & Rubber in the third quarter valued at approximately $45,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Goodyear Tire & Rubber during the fourth quarter valued at approximately $46,000. Signaturefd LLC boosted its position in shares of Goodyear Tire & Rubber by 61.2% during the fourth quarter. Signaturefd LLC now owns 5,259 shares of the company’s stock worth $47,000 after buying an additional 1,997 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new position in Goodyear Tire & Rubber in the 4th quarter worth approximately $54,000. Institutional investors 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.