Garrett Motion (NYSE:GTX) Lowered to Hold Rating by Zacks Research

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

Other analysts have also issued research reports about the company. Stifel Nicolaus lifted their target price on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. JPMorgan Chase & Co. started coverage on Garrett Motion in a research report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price objective on the stock. BWS Financial boosted their target price on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Garrett Motion in a research note on Monday, October 20th. They set a “hold” rating and a $14.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.80.

Garrett Motion Stock Performance

Shares of Garrett Motion stock opened at $17.59 on Monday. The company has a 50-day simple moving average of $16.82 and a two-hundred day simple moving average of $13.96. The stock has a market capitalization of $3.42 billion, a PE ratio of 13.85 and a beta of 0.23. Garrett Motion has a 52-week low of $7.01 and a 52-week high of $17.91.

Garrett Motion (NYSE:GTX) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.38 earnings per share 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 quarter in the prior year, the company earned $0.24 earnings per share. The firm’s revenue was up 9.2% compared to the same quarter last year. As a group, equities research analysts forecast that Garrett Motion will post 1.25 EPS for the current fiscal year.

Garrett Motion declared that its board has initiated a share repurchase program on Wednesday, December 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Jones Financial Companies Lllp purchased a new stake in shares of Garrett Motion in the 1st quarter worth $42,000. Tower Research Capital LLC TRC bought a new stake in Garrett Motion during the second quarter valued at about $45,000. Amalgamated Bank purchased a new stake in Garrett Motion in the second quarter worth about $46,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Garrett Motion by 4,655.8% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock worth $47,000 after buying an additional 4,423 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ bought a new position in shares of Garrett Motion during the 2nd quarter valued at approximately $61,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

About Garrett Motion

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.