Garrett Motion (NASDAQ:GTX) Raised to “Strong-Buy” at Zacks Research

by · The Markets Daily

Garrett Motion (NASDAQ:GTX – Get Free Report) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other brokerages have also recently issued reports on GTX. Wall Street Zen cut Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. BWS Financial reiterated a “buy” rating and set a $42.00 price target on shares of Garrett Motion in a research report on Thursday, July 30th. JPMorgan Chase & Co. raised their price target on shares of Garrett Motion from $33.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Finally, Deutsche Bank Aktiengesellschaft raised Garrett Motion from a “hold” rating to a “buy” rating and lifted their target price for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Garrett Motion presently has an average rating of “Buy” and an average price target of $38.60.

View Our Latest Report on GTX

Garrett Motion Price Performance

Shares of GTX stock opened at $27.49 on Tuesday. Garrett Motion has a 12 month low of $12.26 and a 12 month high of $36.25. The company’s fifty day moving average price is $29.65 and its two-hundred day moving average price is $26.72. The firm has a market capitalization of $5.13 billion, a P/E ratio of 15.10, a P/E/G ratio of 0.72 and a beta of 0.79.

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

Insider Transactions at Garrett Motion

In other Garrett Motion news, SVP Mark Rodrigues sold 10,516 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $33.82, for a total value of $355,651.12. Following the completion of the transaction, the senior vice president directly owned 83,178 shares in the company, valued at $2,813,079.96. This trade represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Daniel Deiro sold 30,000 shares of Garrett Motion stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $26.70, for a total transaction of $801,000.00. Following the completion of the transaction, the senior vice president directly owned 133,783 shares in the company, valued at approximately $3,572,006.10. This trade represents a 18.32% decrease in their ownership of the stock. 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. Insiders sold a total of 66,656 shares of company stock worth $1,898,913 in the last three months. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garrett Motion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd purchased a new position in Garrett Motion in the second quarter valued at about $942,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Garrett Motion during the 2nd quarter worth about $328,000. Nykredit A S purchased a new stake in shares of Garrett Motion during the 2nd quarter worth about $172,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Garrett Motion during the 2nd quarter valued at about $1,235,000. Finally, California State Teachers Retirement System grew its stake in shares of Garrett Motion by 3,445.7% in the 2nd quarter. California State Teachers Retirement System now owns 7,182,018 shares of the company’s stock valued at $260,205,000 after buying an additional 6,979,463 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

About Garrett Motion

(Get Free Report)

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.

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