Michelin (OTCMKTS:MGDDY) Sees Large Volume Increase – Here’s Why

Michelin (OTCMKTS:MGDDY) shares saw unusually-strong trading volume on Friday . Approximately 221,027 shares were traded during trading, an increase of 38% from the previous session’s volume of 160,310 shares.The stock last traded at $17.39 and had previously closed at $17.5280.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citigroup reaffirmed a “buy” rating on shares of Michelin in a research note on Friday, October 10th. Zacks Research raised Michelin from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Morgan Stanley restated an “equal weight” rating on shares of Michelin in a research note on Tuesday, December 2nd. Berenberg Bank started coverage on Michelin in a report on Tuesday. They set a “hold” rating on the stock. Finally, UBS Group lowered shares of Michelin from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold”.

Michelin Trading Down 0.7%

The stock’s fifty day simple moving average is $16.53 and its 200-day simple moving average is $17.38. The company has a quick ratio of 1.12, a current ratio of 1.80 and a debt-to-equity ratio of 0.04.

About Michelin

Michelin (OTCMKTS: MGDDY) is a French multinational tire manufacturer founded in 1889 and headquartered in Clermont-Ferrand, France. Over more than a century the company has grown into one of the world’s leading tiremakers, serving passenger car, truck, motorcycle, bicycle, agricultural, construction and aviation markets. Michelin has a global footprint with manufacturing facilities, research centers and commercial operations across multiple regions to supply OEMs, replacement markets and large commercial fleets.

The company’s core business is the design, manufacture and sale of tires and related products.