JPMorgan Chase & Co. Begins Coverage on Garrett Motion (NYSE:GTX)

Equities researchers at JPMorgan Chase & Co. began coverage on shares of Garrett Motion (NYSE:GTX) in a note issued to investors on Wednesday,Benzinga reports. The brokerage set an “overweight” rating and a $23.00 price target on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 36.50% from the company’s previous close.

GTX has been the subject of several other reports. Zacks Research raised Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 1st. BWS Financial lifted their price objective on Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Friday. Stifel Nicolaus upped their target price on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Garrett Motion in a report on Monday, October 20th. They issued a “hold” rating and a $14.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Garrett Motion currently has a consensus rating of “Buy” and an average target price of $18.80.

Garrett Motion Stock Down 0.1%

Shares of GTX opened at $16.85 on Wednesday. The company has a market cap of $3.28 billion, a P/E ratio of 13.27 and a beta of 0.23. Garrett Motion has a fifty-two week low of $7.01 and a fifty-two week high of $17.91. The firm’s 50 day moving average price is $15.88 and its 200 day moving average price is $13.45.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. During the same period in the previous year, the firm posted $0.24 earnings per share. Garrett Motion’s quarterly revenue was up 9.2% on a year-over-year basis. Research analysts forecast that Garrett Motion will post 1.25 earnings per share for the current year.

Garrett Motion announced that its board has authorized a stock repurchase program on Wednesday, December 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Garrett Motion

Several hedge funds have recently added to or reduced their stakes in GTX. LSV Asset Management purchased a new stake in shares of Garrett Motion during the 3rd quarter worth approximately $58,247,000. Merewether Investment Management LP acquired a new stake in shares of Garrett Motion in the 3rd quarter valued at about $40,590,000. BlueCrest Capital Management Ltd purchased a new position in Garrett Motion during the 3rd quarter worth approximately $36,539,000. William Blair Investment Management LLC grew its stake in Garrett Motion by 51.0% during the 3rd quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company’s stock worth $105,090,000 after buying an additional 2,605,296 shares during the last quarter. Finally, Gates Capital Management Inc. increased its position in Garrett Motion by 53.1% during the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company’s stock worth $56,879,000 after buying an additional 2,358,294 shares during the period. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Company Profile

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.