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

Zacks Research lowered shares of Garrett Motion (NASDAQ:GTX) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $24.00 price target on shares of Garrett Motion in a research note on Friday, May 1st. Freedom Capital cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. upped their price objective on Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. BWS Financial reaffirmed a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a research report on Monday, July 6th. Finally, Stifel Nicolaus lifted their target price on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.83.

Garrett Motion Price Performance

GTX opened at $31.68 on Monday. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 0.99 and a beta of 0.78. The business has a 50-day moving average of $32.41 and a two-hundred day moving average of $23.70. Garrett Motion has a 12 month low of $11.04 and a 12 month high of $36.25.

Garrett Motion (NASDAQ:GTX) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The company had revenue of $985.00 million during the quarter, compared to the consensus estimate of $917.23 million. The business’s quarterly revenue was up 12.2% on a year-over-year basis. Equities research analysts anticipate that Garrett Motion will post 1.82 earnings per share for the current year.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion’s payout ratio is 18.71%.

Insider Buying and Selling at Garrett Motion

In other news, CFO Sean Deason sold 110,000 shares of the 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 sale, the chief financial officer owned 261,909 shares of the company’s stock, valued at $8,362,754.37. This represents a 29.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the sale, the senior vice president directly owned 77,038 shares of the company’s stock, valued at $2,565,365.40. The trade was a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 213,834 shares of company stock valued at $6,918,710 in the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Garrett Motion

Institutional investors have recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. raised its position in Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after purchasing an additional 1,422 shares during the period. Spire Wealth Management boosted its position in shares of Garrett Motion by 971.2% in the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock worth $26,000 after buying an additional 1,350 shares during the period. Global Retirement Partners LLC boosted its position in shares of Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after buying an additional 970 shares during the period. TD Waterhouse Canada Inc. boosted its position in shares of Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock worth $30,000 after buying an additional 1,593 shares during the period. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion in the first quarter valued at about $42,000. 86.27% of the stock is owned by hedge funds and other institutional investors.

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.