Goodyear Tire & Rubber (NASDAQ:GT) Trading 3.1% Higher - Here's What Happened

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) rose 3.1% on Monday . The company traded as high as $9.04 and last traded at $9.07. Approximately 527,247 shares changed hands during trading, a decline of 89% from the average daily volume of 4,655,137 shares. The stock had previously closed at $8.79.

Analyst Upgrades and Downgrades

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

Goodyear Tire & Rubber Stock Down 4.8 %

The company has a market capitalization of $2.77 billion, a PE ratio of 40.42 and a beta of 1.49. The business has a 50-day moving average of $9.20 and a 200 day moving average of $9.09. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.10. The firm had revenue of $4.95 billion during the quarter, compared to the consensus estimate 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 predict 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 large investors have recently modified their holdings of the stock. FMR LLC grew its stake in shares of Goodyear Tire & Rubber by 28.1% during the third quarter. FMR LLC now owns 842,822 shares of the company's stock valued at $7,459,000 after buying an additional 184,770 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Goodyear Tire & Rubber by 8.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,429 shares of the company's stock valued at $747,000 after acquiring an additional 6,903 shares during the last quarter. HighTower Advisors LLC purchased a new stake in Goodyear Tire & Rubber in the third quarter worth $253,000. Point72 Asset Management L.P. lifted its position in shares of Goodyear Tire & Rubber by 37.6% during the third quarter. Point72 Asset Management L.P. now owns 1,029,677 shares of the company's stock worth $9,113,000 after purchasing an additional 281,449 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Goodyear Tire & Rubber during the third quarter valued at $173,000. Institutional investors own 84.19% of the company's stock.

About Goodyear Tire & Rubber

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.