Garrett Motion (NYSE:GTX) Cut to "Hold" at Zacks Research

Key Points

• Garrett Motion has been downgraded from a "strong-buy" to a "hold" rating by Zacks Research, indicating a cautious outlook on the stock's performance.
• Current analysts' consensus remains a "Moderate Buy" with a target price of $14.00, despite the recent downgrade.
• Insider selling activity increased significantly, with over 15 million shares sold in recent months, suggesting potential caution among company insiders.

Garrett Motion (NYSE:GTX - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities research analysts have also issued reports on GTX. BNP Paribas Exane started coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 price target on the stock. BWS Financial reaffirmed a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research note on Wednesday, June 25th. Finally, BNP Paribas assumed coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating on the stock. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Garrett Motion currently has an average rating of "Moderate Buy" and a consensus target price of $14.00.

Garrett Motion Stock Up 0.4%

Shares of Garrett Motion stock opened at $13.26 on Monday. The firm has a market cap of $2.67 billion, a PE ratio of 10.44 and a beta of 0.01. Garrett Motion has a 12-month low of $7.01 and a 12-month high of $13.52. The company's fifty day simple moving average is $11.86 and its two-hundred day simple moving average is $10.44.

Insider Transactions at Garrett Motion

In other Garrett Motion news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total value of $110,430,000.00. Following the sale, the insider owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $13.28, for a total transaction of $6,640,000.00. Following the completion of the sale, the insider owned 20,623,348 shares in the company, valued at approximately $273,878,061.44. This trade represents a 2.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,907,224 shares of company stock worth $188,175,679. Corporate insiders own 0.83% of the company's stock.

Institutional Investors Weigh In On Garrett Motion

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC purchased a new position in Garrett Motion in the first quarter worth about $2,722,000. SG Americas Securities LLC purchased a new position in Garrett Motion in the first quarter worth about $381,000. Victory Capital Management Inc. raised its holdings in Garrett Motion by 4.4% in the first quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company's stock worth $10,802,000 after buying an additional 54,978 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Garrett Motion in the first quarter worth about $12,945,000. Finally, First Trust Advisors LP raised its holdings in Garrett Motion by 105.1% in the fourth quarter. First Trust Advisors LP now owns 226,506 shares of the company's stock worth $2,045,000 after buying an additional 116,086 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company's stock.

Garrett Motion Company Profile

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.

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