Garrett Motion (NASDAQ:GTX) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Garrett Motion from “hold” to “strong buy.” The broader analyst consensus is “buy,” with an average price target of $38.60 versus the stock’s $27.49 opening price.
• Garrett Motion reported quarterly earnings of $0.53 per share, exceeding estimates of $0.46, while revenue rose 6.9% year over year to $976 million.
• Institutional ownership stands at 86.27%, with major investors including BlackRock and California State Teachers Retirement System adding positions; company insiders, however, sold 66,656 shares worth approximately $1.9 million over the past 90 days.

Garrett Motion (NASDAQ:GTX - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Tuesday, Zacks reports.

Several other equities analysts also recently commented on GTX. Royal Bank Of Canada set a $42.00 price objective on Garrett Motion in a research note on Thursday, May 21st. 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. Weiss Ratings reissued a "buy (b)" rating on shares of Garrett Motion in a report on Friday, July 24th. BWS Financial restated a "buy" rating and issued a $42.00 price target on shares of Garrett Motion in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Garrett Motion from $33.00 to $37.00 and gave the company an "overweight" rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $38.60.

Garrett Motion Price Performance

Shares of GTX stock opened at $27.49 on Tuesday. The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 0.72 and a beta of 0.79. Garrett Motion has a one year low of $12.26 and a one year high of $36.25. The company's fifty day moving average price is $29.65 and its 200-day moving average price is $26.72.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.07. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The company had revenue of $976.00 million during the quarter. During the same period in the prior year, the company posted $0.42 EPS. The company's quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts expect 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 Mark Rodrigues sold 6,140 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the transaction, the senior vice president owned 77,038 shares in the company, valued at $2,565,365.40. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Daniel Deiro sold 20,000 shares of Garrett Motion stock in a transaction on Wednesday, September 2nd. The stock was 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 $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. In the last ninety days, insiders sold 66,656 shares of company stock worth $1,898,913. Corporate insiders own 1.10% of the company's stock.

Institutional Trading of Garrett Motion

A number of institutional investors have recently bought and sold shares of GTX. BlackRock Inc. bought a new position in Garrett Motion during the second quarter valued at $461,794,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Garrett Motion in the 4th quarter worth about $180,383,000. California State Teachers Retirement System raised its position in 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 worth $260,205,000 after purchasing an additional 6,979,463 shares during the period. LSV Asset Management lifted its stake in Garrett Motion by 45.8% in the fourth quarter. LSV Asset Management now owns 6,235,408 shares of the company's stock worth $108,683,000 after purchasing an additional 1,958,808 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Garrett Motion by 170.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company's stock valued at $89,580,000 after buying an additional 3,241,952 shares during the period. 86.27% of the stock is currently owned by 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.

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