Stock Traders Buy Large Volume of Goodyear Tire & Rubber Put Options (NASDAQ:GT)

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

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $4.02 on Thursday. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -1.98 and a beta of 1.22. The business has a 50 day moving average price of $4.82 and a 200 day moving average price of $6.47. The company has a quick ratio of 0.59, a current ratio of 1.12 and a debt-to-equity ratio of 2.16. Goodyear Tire & Rubber has a twelve month low of $3.85 and a twelve month high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). Goodyear Tire & Rubber had a negative return on equity of 6.69% and a negative net margin of 3.33%. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.59 billion. During the same quarter last year, the firm earned $0.28 earnings per share. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. Research analysts predict that Goodyear Tire & Rubber will post -1.20 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently bought and sold shares of the stock. WINTON GROUP Ltd bought a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth about $1,560,000. Bank of America Corp DE acquired a new position in shares of Goodyear Tire & Rubber during the second quarter valued at about $17,313,000. Canada Pension Plan Investment Board acquired a new position in shares of Goodyear Tire & Rubber during the second quarter valued at about $78,278,000. Cibc World Market Inc. bought a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at about $18,676,000. Finally, Empowered Funds LLC bought a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at about $6,852,000. Institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

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.