Corton Capital Inc. Boosts Stock Position in The Goodyear Tire & Rubber Company (NASDAQ:GT)

Corton Capital Inc. raised its stake in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 113.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,088 shares of the company's stock after acquiring an additional 22,931 shares during the period. Corton Capital Inc.'s holdings in Goodyear Tire & Rubber were worth $388,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of GT. Norges Bank purchased a new stake in shares of Goodyear Tire & Rubber during the 4th quarter valued at $39,626,000. Maple Rock Capital Partners Inc. purchased a new stake in Goodyear Tire & Rubber during the fourth quarter worth about $16,875,000. Atlantic Investment Management Inc. bought a new stake in Goodyear Tire & Rubber in the fourth quarter worth about $11,803,000. American Century Companies Inc. boosted its stake in Goodyear Tire & Rubber by 10.3% in the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company's stock valued at $86,871,000 after acquiring an additional 897,463 shares during the last quarter. Finally, KLCM Advisors Inc. grew its position in shares of Goodyear Tire & Rubber by 59.4% during the 4th quarter. KLCM Advisors Inc. now owns 1,770,430 shares of the company's stock valued at $15,934,000 after acquiring an additional 659,635 shares during the period. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Price Performance

GT stock traded down $0.08 during mid-day trading on Friday, reaching $10.86. 7,698,224 shares of the company traded hands, compared to its average volume of 5,181,497. The company has a fifty day moving average price of $9.76 and a 200-day moving average price of $9.44. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55. The company has a market capitalization of $3.10 billion, a P/E ratio of 45.25 and a beta of 1.42. The Goodyear Tire & Rubber Company has a 52-week low of $7.27 and a 52-week high of $13.26.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.41 billion. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The business's revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 EPS. As a group, analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. 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 price target on the stock. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 price target for the company in a research note on Monday, March 31st. Argus raised shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $12.00 price objective on the stock in a report on Tuesday, February 18th. Finally, StockNews.com downgraded shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Saturday. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $13.25.

Goodyear Tire & Rubber 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.