JPMorgan Chase & Co. Cuts Garrett Motion (NASDAQ:GTX) Price Target to $35.00

Garrett Motion (NASDAQ:GTX) had its price objective decreased by JPMorgan Chase & Co. from $37.00 to $35.00 in a research note published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities analysts have also issued reports on the company. Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 8th. Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a research note on Thursday, May 21st. BWS Financial reiterated a “buy” rating and set a $42.00 price target on shares of Garrett Motion in a research note on Thursday, July 30th. Wall Street Zen lowered shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and increased their price objective for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $38.20.

Garrett Motion Trading Up 0.5%

Shares of GTX stock opened at $26.26 on Tuesday. The firm has a market capitalization of $4.90 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 0.67 and a beta of 0.79. Garrett Motion has a 1 year low of $12.26 and a 1 year high of $36.25. The firm’s fifty day simple moving average is $28.96 and its 200 day simple moving average is $27.00.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.07. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The firm had revenue of $976.00 million during the quarter. During the same period last year, the company earned $0.42 earnings per share. Garrett Motion’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts anticipate that Garrett Motion will post 1.91 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.08 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $0.32 dividend on an annualized basis and a yield of 1.2%. Garrett Motion’s payout ratio is 17.58%.

Insider Activity

In other news, SVP Daniel Deiro sold 20,000 shares of Garrett Motion stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $26.89, for a total value of $537,800.00. Following the completion of the transaction, the senior vice president owned 113,783 shares in the company, valued at approximately $3,059,624.87. The trade was a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Rodrigues sold 6,140 shares of the business’s 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 directly owned 77,038 shares in the company, valued at $2,565,365.40. The trade was a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,140 shares of company stock worth $1,543,262 over the last ninety days. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Garrett Motion

A number of hedge funds and other institutional investors have recently bought and sold shares of GTX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Garrett Motion by 54.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 398,397 shares of the company’s stock valued at $14,434,000 after buying an additional 140,254 shares during the last quarter. Castleark Management LLC bought a new stake in shares of Garrett Motion during the second quarter worth $17,009,000. Smead Capital Management Inc. bought a new stake in shares of Garrett Motion during the fourth quarter worth $4,257,000. Walleye Capital LLC acquired a new position in shares of Garrett Motion during the second quarter valued at $3,398,000. Finally, JB Capital Partners LP acquired a new position in shares of Garrett Motion during the second quarter valued at $3,296,930. 86.27% of the stock is owned by institutional investors and hedge funds.

Garrett Motion Company Profile

Garrett Motion Inc is a technology company that develops products and software for the automotive and commercial vehicle industries. Its portfolio is focused on improving vehicle performance, fuel efficiency, emissions control and electrification.

The company’s products include turbochargers, electric boosting systems, fuel-cell compressors, thermal-management technologies and related automotive software. Garrett supplies components and systems for passenger vehicles, commercial vehicles and motorsports applications, while also serving the automotive aftermarket.

Garrett Motion has roots in Honeywell’s transportation systems business and became an independent publicly traded company in 2018.