Garrett Motion (NASDAQ:GTX) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised Garrett Motion’s price target from $30 to $33 and kept an overweight rating, implying modest upside from the current share price.
• The company’s latest quarterly results beat expectations, with EPS of $0.49 versus $0.43 expected and revenue of $985 million versus $917.23 million estimated, up 12.2% year over year.
• Wall Street sentiment is mixed but generally constructive: Garrett Motion has a Moderate Buy consensus, though insider selling and some rating downgrades have also been reported recently.

Garrett Motion (NASDAQ:GTX - Get Free Report) had its price target increased by investment analysts at JPMorgan Chase & Co. from $30.00 to $33.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 2.64% from the company's current price.

A number of other equities analysts have also weighed in on the stock. Freedom Capital lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Weiss Ratings assumed coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They issued a "buy (b)" rating on the stock. BWS Financial raised their price target on shares of Garrett Motion from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $24.00 target price on shares of Garrett Motion in a report on Friday, May 1st. Finally, Stifel Nicolaus raised their price target on shares of Garrett Motion from $29.00 to $36.00 and gave the company a "buy" rating in a report on Thursday. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.80.

Garrett Motion Stock Performance

Shares of GTX traded up $0.80 during mid-day trading on Thursday, reaching $32.15. The stock had a trading volume of 1,389,880 shares, compared to its average volume of 2,489,180. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 0.99 and a beta of 0.70. Garrett Motion has a 12 month low of $9.57 and a 12 month high of $32.44. The business has a fifty day moving average of $20.27 and a 200 day moving average of $18.74.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.06. The business had revenue of $985.00 million during the quarter, compared to analyst estimates of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. Garrett Motion's revenue was up 12.2% on a year-over-year basis. On average, research analysts forecast that Garrett Motion will post 1.81 EPS for the current fiscal year.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, CEO Olivier Rabiller sold 144,000 shares of Garrett Motion stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the completion of the sale, the chief executive officer directly owned 905,546 shares in the company, valued at approximately $18,400,694.72. The trade was a 13.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Daniel Deiro sold 20,000 shares of the business's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $20.29, for a total transaction of $405,800.00. Following the completion of the transaction, the senior vice president owned 160,994 shares of the company's stock, valued at approximately $3,266,568.26. This represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 337,000 shares of company stock worth $6,839,290. Company insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Garrett Motion

Several large investors have recently made changes to their positions in the company. Capula Management Ltd acquired a new position in shares of Garrett Motion in the 1st quarter valued at $2,490,000. Sei Investments Co. increased its holdings in Garrett Motion by 22.9% in the 1st quarter. Sei Investments Co. now owns 764,955 shares of the company's stock worth $13,899,000 after acquiring an additional 142,314 shares in the last quarter. State of Wyoming increased its holdings in Garrett Motion by 16.0% in the 1st quarter. State of Wyoming now owns 60,365 shares of the company's stock worth $1,097,000 after acquiring an additional 8,304 shares in the last quarter. Measured Wealth Private Client Group LLC increased its holdings in Garrett Motion by 15.5% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 40,368 shares of the company's stock worth $733,000 after acquiring an additional 5,412 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Garrett Motion by 31.1% in the 1st quarter. First Trust Advisors LP now owns 791,352 shares of the company's stock worth $14,379,000 after acquiring an additional 187,667 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

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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