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

Garrett Motion (NASDAQ:GTX) had its price target cut by equities researchers at JPMorgan Chase & Co. from $37.00 to $35.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 36.20% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 8th. Wall Street Zen downgraded shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and increased their target price for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. Finally, BWS Financial reiterated a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $38.20.

Garrett Motion Stock Down 1.9%

Garrett Motion stock traded down $0.50 during trading on Tuesday, hitting $25.70. The stock had a trading volume of 257,197 shares, compared to its average volume of 2,604,629. Garrett Motion has a 1 year low of $12.26 and a 1 year high of $36.25. The stock’s 50 day moving average is $29.34 and its two-hundred day moving average is $26.88. The stock has a market cap of $4.79 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 0.71 and a beta of 0.79.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.07. The business 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%.Garrett Motion’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company posted $0.42 earnings per share. As a group, equities research analysts anticipate that Garrett Motion will post 1.91 EPS for the current fiscal year.

Insider Buying and Selling

In other Garrett Motion news, SVP Mark Rodrigues sold 6,140 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total value of $204,462.00. Following the sale, the senior vice president directly owned 77,038 shares in the company, valued at $2,565,365.40. This represents a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Daniel Deiro sold 20,000 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $26.89, for a total transaction of $537,800.00. Following the completion of the transaction, the senior vice president directly owned 113,783 shares of the company’s stock, valued at approximately $3,059,624.87. The trade was a 14.95% 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 have sold a total of 56,140 shares of company stock worth $1,543,262 in the last ninety days. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Garrett Motion

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Cullen Frost Bankers Inc. increased its stake in Garrett Motion by 7,110.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after acquiring an additional 1,422 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Garrett Motion in the 2nd quarter valued at about $27,000. Summit Securities Group LLC bought a new stake in shares of Garrett Motion during the 1st quarter valued at about $60,000. PNC Financial Services Group Inc. boosted its position in shares of Garrett Motion by 22.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock valued at $63,000 after acquiring an additional 629 shares during the last quarter. Finally, Allworth Financial LP purchased a new position in shares of Garrett Motion during the second quarter worth about $64,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

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.