Goodyear Tire & Rubber (NASDAQ:GT) Sees Unusually-High Trading Volume - Here's What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 4,399,720 shares changed hands during mid-day 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

A number of analysts have recently weighed in on GT shares. StockNews.com upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. TD Cowen began coverage on Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a "buy" rating and a $14.00 price target on the stock. Argus raised Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $12.00 price objective for the company in a report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft raised Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 target price on the stock in a report on Monday, March 31st. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of "Moderate Buy" and an average target price of $13.78.

Goodyear Tire & Rubber Stock Down 4.4 %

The company has a current ratio of 1.04, a quick ratio of 0.55 and a debt-to-equity ratio of 1.30. The business has a fifty day moving average of $9.20 and a two-hundred day moving average of $9.12. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 35.25 and a beta of 1.49.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The business had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.91 billion. As a group, equities analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Goodyear Tire & Rubber in the fourth quarter valued at approximately $39,626,000. Truist Financial Corp grew its holdings in Goodyear Tire & Rubber by 5.2% in the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company's stock valued at $205,000 after buying an additional 1,115 shares in the last quarter. Barclays PLC increased its stake in shares of Goodyear Tire & Rubber by 158.6% in the 3rd quarter. Barclays PLC now owns 975,634 shares of the company's stock worth $8,635,000 after acquiring an additional 598,330 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Goodyear Tire & Rubber by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company's stock worth $62,438,000 after acquiring an additional 86,227 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Goodyear Tire & Rubber by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company's stock valued at $33,648,000 after acquiring an additional 205,629 shares during the last quarter. Institutional investors and hedge funds 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.