Pacer Advisors Inc. Boosts Stake in Garrett Motion Inc (NYSE:GTX)
Pacer Advisors Inc. boosted its stake in Garrett Motion Inc (NYSE:GTX) by 36.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 85,510 shares of the company’s stock after buying an additional 22,734 shares during the quarter. Pacer Advisors Inc. owned approximately 0.11% of Garrett Motion worth $1,313,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the stock. Baxter Bros Inc. lifted its stake in Garrett Motion by 4.3% in the 2nd quarter. Baxter Bros Inc. now owns 16,757 shares of the company’s stock valued at $257,000 after buying an additional 698 shares in the last quarter. 6 Meridian lifted its stake in shares of Garrett Motion by 1.6% during the 2nd quarter. 6 Meridian now owns 48,018 shares of the company’s stock worth $737,000 after purchasing an additional 739 shares during the period. Mason Street Advisors LLC lifted its stake in shares of Garrett Motion by 3.4% during the 1st quarter. Mason Street Advisors LLC now owns 23,771 shares of the company’s stock worth $350,000 after purchasing an additional 785 shares during the period. Pittenger & Anderson Inc. lifted its stake in shares of Garrett Motion by 16.8% during the 1st quarter. Pittenger & Anderson Inc. now owns 5,555 shares of the company’s stock worth $82,000 after purchasing an additional 800 shares during the period. Finally, Comerica Bank lifted its stake in shares of Garrett Motion by 1.1% during the 1st quarter. Comerica Bank now owns 74,193 shares of the company’s stock worth $1,235,000 after purchasing an additional 818 shares during the period. 84.24% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the company. UBS Group reduced their price target on Garrett Motion from $12.00 to $9.00 and set a “sell” rating on the stock in a research note on Thursday. Zacks Investment Research lowered Garrett Motion from a “hold” rating to a “sell” rating in a research note on Tuesday, July 30th. Barclays set a $16.00 price target on Garrett Motion and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Morgan Stanley assumed coverage on Garrett Motion in a research note on Tuesday. They set an “underweight” rating and a $8.00 price target on the stock. Finally, Bank of America raised Garrett Motion from an “underperform” rating to a “neutral” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $13.29.
Garrett Motion (NYSE:GTX) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.04. The business had revenue of $802.00 million during the quarter, compared to the consensus estimate of $831.99 million. Garrett Motion had a negative return on equity of 44.81% and a net margin of 34.50%. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.03 EPS. As a group, equities analysts forecast that Garrett Motion Inc will post 3.38 EPS for the current year.
Garrett Motion Profile
Garrett Motion Inc designs, manufactures, and sells turbocharger and electric boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket worldwide. The company offers light vehicle gasoline and diesel, and commercial vehicle turbochargers. Its integrated vehicle health management tools detect intermittent faults and anomalies to provide understanding of the real-time health of a vehicle system.
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