Garrett Motion Inc. (NYSE:GTX) Receives $18.80 Average Price Target from Brokerages

Shares of Garrett Motion Inc. (NYSE:GTX) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $18.80.

GTX has been the topic of several recent research reports. Stifel Nicolaus raised their price objective on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Garrett Motion in a report on Monday, October 20th. They set a “hold” rating and a $14.00 price target on the stock. JPMorgan Chase & Co. started coverage on shares of Garrett Motion in a research note on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price objective for the company. Finally, BWS Financial lifted their target price on shares of Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, December 12th.

Garrett Motion Price Performance

NYSE:GTX opened at $18.23 on Wednesday. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 14.35 and a beta of 0.25. Garrett Motion has a one year low of $7.01 and a one year high of $19.28. The business has a fifty day moving average price of $17.60 and a 200-day moving average price of $15.27.

Garrett Motion announced that its board has approved a share buyback plan on Wednesday, December 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Garrett Motion

A number of hedge funds have recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. bought a new stake in Garrett Motion in the third quarter worth $5,925,000. Teacher Retirement System of Texas grew its stake in shares of Garrett Motion by 50.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 258,734 shares of the company’s stock worth $2,719,000 after buying an additional 87,280 shares in the last quarter. Convergence Investment Partners LLC purchased a new position in shares of Garrett Motion in the 3rd quarter worth $1,573,000. Tableaux LLC bought a new stake in shares of Garrett Motion in the 2nd quarter worth about $269,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Garrett Motion during the 2nd quarter valued at about $342,000. Institutional investors own 86.27% of the company’s stock.

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.