Garrett Motion (NYSE:GTX) Rating Lowered to Hold at Zacks Research

Garrett Motion (NYSE:GTX) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

GTX has been the topic of a number of other research reports. Stifel Nicolaus raised their target price on shares of Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. BWS Financial raised their price target on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Garrett Motion in a report on Monday, October 20th. They set a “hold” rating and a $14.00 price objective on the stock. Finally, JPMorgan Chase & Co. started coverage on shares of Garrett Motion in a report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Garrett Motion Trading Down 0.3%

Shares of NYSE:GTX opened at $17.59 on Monday. Garrett Motion has a 12 month low of $7.01 and a 12 month high of $17.91. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 13.85 and a beta of 0.23. The firm’s 50-day moving average is $16.82 and its 200 day moving average is $13.96.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. As a group, equities analysts forecast that Garrett Motion will post 1.25 EPS for the current fiscal year.

Garrett Motion announced that its board has approved a stock repurchase plan on Wednesday, December 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Garrett Motion

Several hedge funds and other institutional investors have recently bought and sold shares of GTX. Dynamic Technology Lab Private Ltd acquired a new position in Garrett Motion during the 1st quarter worth about $358,000. Teacher Retirement System of Texas boosted its holdings 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 valued at $2,719,000 after buying an additional 87,280 shares in the last quarter. Tableaux LLC acquired a new stake in shares of Garrett Motion in the 2nd quarter valued at about $269,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Garrett Motion in the first quarter valued at about $2,206,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Garrett Motion during the second quarter worth approximately $342,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

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.