Garrett Motion (NASDAQ:GTX) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Garrett Motion (NASDAQ:GTX) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks reports.

A number of other brokerages have also recently commented on GTX. Weiss Ratings reiterated a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Wall Street Zen lowered Garrett Motion from a “buy” rating to a “hold” rating in a research report on Saturday, October 3rd. BWS Financial reaffirmed a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a report on Thursday, October 8th. JPMorgan Chase & Co. dropped their target price on Garrett Motion from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, September 15th. Finally, Deutsche Bank Aktiengesellschaft raised Garrett Motion from a “hold” rating to a “buy” rating and lifted their price target for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Garrett Motion Price Performance

GTX stock opened at $25.78 on Monday. The company has a 50 day simple moving average of $27.08 and a 200 day simple moving average of $28.00. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 0.66 and a beta of 0.83. Garrett Motion has a 1 year low of $12.26 and a 1 year high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.07. The firm had revenue of $976.00 million for the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 EPS. On average, equities research analysts anticipate that Garrett Motion will post 1.91 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date was Tuesday, September 1st. Garrett Motion’s dividend payout ratio is 17.58%.

Insider Activity

In other news, SVP Daniel Deiro sold 30,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $26.70, for a total transaction of $801,000.00. Following the completion of the transaction, the senior vice president owned 133,783 shares of the company’s stock, valued at approximately $3,572,006.10. This trade represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.10% of the company’s stock.

Institutional Trading of Garrett Motion

A number of institutional investors and hedge funds have recently bought and sold shares of GTX. Persistent Asset Partners Ltd acquired a new stake in shares of Garrett Motion during the second quarter worth $27,000. Farther Finance Advisors LLC lifted its holdings in Garrett Motion by 39.6% in the third quarter. Farther Finance Advisors LLC now owns 1,679 shares of the company’s stock valued at $44,000 after buying an additional 476 shares during the period. Allworth Financial LP acquired a new position in Garrett Motion in the second quarter valued at $64,000. Global Retirement Partners LLC bought a new stake in Garrett Motion during the second quarter valued at $65,000. Finally, Summit Securities Group LLC bought a new stake in Garrett Motion during the first quarter valued at $60,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

About Garrett Motion

Garrett Motion Inc is an automotive technology company that develops and manufactures solutions designed to improve vehicle performance, fuel efficiency, emissions control and electrification. Its products serve passenger cars, commercial vehicles and off-highway applications, as well as the automotive aftermarket and motorsports sectors.

The company is best known for its turbochargers and related boosting technologies, which help internal-combustion engines produce power more efficiently.