Garrett Motion (NASDAQ:GTX) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Garrett Motion (NASDAQ:GTX) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

A number of other equities research analysts have also weighed in on the stock. Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. JPMorgan Chase & Co. lifted their target price on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $24.00 price target on shares of Garrett Motion in a research note on Friday, May 1st. Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Weiss Ratings began coverage on Garrett Motion in a research note on Wednesday, April 29th. They set a “buy (b)” rating on the stock. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

Garrett Motion Trading Down 1.4%

Shares of Garrett Motion stock opened at $31.34 on Friday. The firm has a market capitalization of $5.87 billion, a PE ratio of 18.33, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. Garrett Motion has a 12 month low of $11.43 and a 12 month high of $36.25. The business’s 50-day moving average price is $32.70 and its 200-day moving average price is $24.10.

Garrett Motion (NASDAQ:GTX) last released its 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 company had revenue of $985.00 million during the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The company’s revenue was up 12.2% compared to the same quarter last year. As a group, analysts predict that Garrett Motion will post 1.82 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion’s dividend payout ratio is 18.71%.

Insider Activity

In related news, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $33.82, for a total transaction of $355,651.12. Following the completion of the sale, the senior vice president directly owned 83,178 shares in the company, valued at $2,813,079.96. This represents a 11.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the sale, the senior vice president directly owned 147,956 shares of the company’s stock, valued at $4,882,548. The trade was a 32.12% decrease in their position. 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 213,834 shares of company stock worth $6,918,710 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Garrett Motion

Several hedge funds and other institutional investors have recently modified their holdings of GTX. Convergence Investment Partners LLC raised its position in shares of Garrett Motion by 0.9% in the 1st quarter. Convergence Investment Partners LLC now owns 45,952 shares of the company’s stock worth $835,000 after purchasing an additional 423 shares during the last quarter. PNC Financial Services Group Inc. grew its position in 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 purchasing an additional 629 shares during the last quarter. Baron Wealth Management LLC grew its position in Garrett Motion by 3.3% during the 1st quarter. Baron Wealth Management LLC now owns 27,324 shares of the company’s stock valued at $496,000 after purchasing an additional 878 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of Garrett Motion by 156.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after acquiring an additional 970 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in shares of Garrett Motion by 2.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company’s stock worth $707,000 after purchasing an additional 995 shares in the last quarter. 86.27% of the stock is owned by institutional investors.

Garrett Motion Company Profile

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.