Garrett Motion (NASDAQ:GTX) Stock Rating Lowered by Zacks Research

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

A number of other analysts have also recently weighed in on GTX. JPMorgan Chase & Co. cut their price objective on shares of Garrett Motion from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, September 15th. Wall Street Zen cut shares of Garrett Motion from a “buy” rating to a “hold” rating in a report on Saturday, October 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. BWS Financial reaffirmed a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a research report on Thursday, October 8th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Garrett Motion from a “hold” rating to a “buy” rating and increased their target price for the company from $33.00 to $36.00 in a research report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.20.

Garrett Motion Stock Performance

Shares of NASDAQ GTX opened at $25.78 on Monday. Garrett Motion has a fifty-two week low of $12.26 and a fifty-two week high of $36.25. The firm has a market capitalization of $4.81 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.66 and a beta of 0.83. The stock’s 50-day simple moving average is $27.08 and its 200-day simple moving average is $28.00.

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

Insider Buying and Selling

In other Garrett Motion news, SVP Daniel Deiro sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $26.70, for a total value of $801,000.00. Following the completion of the sale, the senior vice president owned 133,783 shares in the company, valued at approximately $3,572,006.10. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garrett Motion

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Garrett Motion in the 2nd quarter valued at about $461,794,000. William Blair Investment Management LLC acquired a new stake in Garrett Motion during the 2nd quarter worth approximately $117,127,000. Apis Capital Advisors LLC lifted its position in Garrett Motion by 1,492.9% during the 4th quarter. Apis Capital Advisors LLC now owns 2,230,000 shares of the company’s stock worth $38,869,000 after acquiring an additional 2,090,000 shares during the period. Copeland Capital Management LLC grew its stake in shares of Garrett Motion by 302.7% in the 3rd quarter. Copeland Capital Management LLC now owns 2,227,662 shares of the company’s stock valued at $57,986,000 after purchasing an additional 1,674,435 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Garrett Motion in the 2nd quarter valued at approximately $45,490,000. 86.27% of the stock is owned by institutional investors and hedge funds.

About Garrett Motion

Garrett Motion Inc is an automotive technology company that develops and manufactures solutions designed to improve vehicle performance, fuel efficiency, emissions control and electrification. Its products serve passenger cars, commercial vehicles and off-highway applications, as well as the automotive aftermarket and motorsports sectors.

The company is best known for its turbochargers and related boosting technologies, which help internal-combustion engines produce power more efficiently.