Goodyear Tire & Rubber (NASDAQ:GT) Stock Sees Heavy Put Option Buying

The Goodyear Tire & Rubber Company (NASDAQ:GT) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 6,750 put options on the stock. This is an increase of approximately 75% compared to the typical daily volume of 3,864 put options.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Goodyear Tire & Rubber in the second quarter worth $238,776,000. Canada Pension Plan Investment Board purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth $78,278,000. Cibc World Market Inc. acquired a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at $18,676,000. Bank of America Corp DE acquired a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at $17,313,000. Finally, Man Group plc acquired a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at $12,415,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Trending Headlines about Goodyear Tire & Rubber

Here are the key news stories impacting Goodyear Tire & Rubber this week:

• Neutral Sentiment: Citigroup lowered its price target on Goodyear from $8 to $5 and kept a “neutral” rating. The new target still implies potential upside from the share price cited in the report, but the sizable cut reflects a more cautious outlook. Citigroup rating update
• Neutral Sentiment: A Zacks analysis highlighted Goodyear’s international revenue trends as a factor to watch in Wall Street forecasts, but the supplied report does not specify whether those trends are improving or weakening. Zacks analysis of international revenue
• Negative Sentiment: Mark Stewart is leaving as CEO effective immediately. Director Roger Wood will serve as interim CEO while the board searches for a permanent successor and continues its strategic assessment. The abrupt transition during a turnaround may concern investors about execution and leadership continuity. Goodyear corporate update

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Citigroup reduced their target price on shares of Goodyear Tire & Rubber from $8.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Wednesday, November 4th. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Friday, October 16th. Finally, JPMorgan Chase & Co. cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $7.46.

Goodyear Tire & Rubber Trading Down 2.0%

Shares of GT traded down $0.09 during midday trading on Tuesday, hitting $4.09. 4,141,066 shares of the stock were exchanged, compared to its average volume of 8,779,163. Goodyear Tire & Rubber has a 52-week low of $4.00 and a 52-week high of $10.62. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. The stock has a fifty day simple moving average of $4.91 and a 200 day simple moving average of $6.52. The firm has a market cap of $1.18 billion, a P/E ratio of -2.01 and a beta of 1.22.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The business had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.59 billion. Goodyear Tire & Rubber had a negative net margin of 3.33% and a negative return on equity of 6.48%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.28 EPS. On average, research analysts anticipate that Goodyear Tire & Rubber will post -1.03 EPS for the current fiscal year.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a global manufacturer of tires and related products and services. Founded in Akron, Ohio, in 1898, the company makes tires for passenger and light trucks, commercial vehicles, aircraft, and off-road equipment, as well as for original-equipment and replacement markets.

Goodyear sells products under brands including Goodyear and Cooper. Its tire-related offerings also include retreading, vehicle and fleet services, and solutions for commercial customers.

The company serves customers across markets around the world and is headquartered in Akron, Ohio.