Garrett Motion (NASDAQ:GTX) Downgraded to Hold Rating by Zacks Research

Garrett Motion (NASDAQ:GTX) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other brokerages have also commented on GTX. Weiss Ratings assumed coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They issued a “buy (b)” rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $24.00 target price on shares of Garrett Motion in a research report on Friday, May 1st. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research note on Thursday, May 21st. JPMorgan Chase & Co. raised their price target on Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. Finally, BWS Financial reissued a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a report on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.83.

Garrett Motion Trading Up 0.6%

Garrett Motion stock opened at $31.68 on Monday. Garrett Motion has a 12 month low of $11.04 and a 12 month high of $36.25. The stock has a fifty day simple moving average of $32.41 and a two-hundred day simple moving average of $23.70. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 18.53, a PEG ratio of 0.99 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX) last released its quarterly earnings data on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.43 by $0.06. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The company had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $917.23 million. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, equities research analysts forecast that Garrett Motion will post 1.82 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Mark Albert Rodrigues sold 6,140 shares of Garrett Motion stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total value of $204,462.00. Following the completion of the transaction, the senior vice president owned 77,038 shares in the company, valued at approximately $2,565,365.40. The trade was a 7.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the completion of the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at $8,362,754.37. This trade represents a 29.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 213,834 shares of company stock valued at $6,918,710. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GTX. Comerica Bank lifted its holdings in Garrett Motion by 22.0% during the fourth quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after buying an additional 45,370 shares during the period. Wesbanco Bank Inc. increased its holdings in shares of Garrett Motion by 75.0% in the 4th quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock valued at $1,831,000 after acquiring an additional 45,000 shares during the period. Yorkville Advisors Global LP bought a new position in shares of Garrett Motion in the 3rd quarter worth $11,168,000. Smead Capital Management Inc. bought a new position in shares of Garrett Motion in the 4th quarter worth $4,257,000. Finally, Norges Bank purchased a new stake in shares of Garrett Motion during the 4th quarter worth $29,237,000. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Company Profile

Garrett Motion Inc is a technology leader specializing in the design, development and manufacture of turbocharging systems and related technologies for the global automotive industry. Its product portfolio includes conventional exhaust gas turbochargers, variable-geometry turbochargers, electric and e-boost turbochargers, as well as electronic actuators, sensors and thermal management systems. The company’s solutions are engineered to improve engine efficiency, reduce emissions and support automakers’ efforts to meet evolving regulatory standards for fuel economy and air quality.

Garrett Motion traces its roots to the founding of AiResearch by Cliff Garrett in 1936, a pioneer in aircraft and automotive turbocharging technologies.