JPMorgan Chase & Co. Has Lowered Expectations for Garrett Motion (NASDAQ:GTX) Stock Price

Garrett Motion (NASDAQ:GTX) had its price target cut by stock analysts at JPMorgan Chase & Co. from $37.00 to $35.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 36.20% from the company’s previous close.

Several other brokerages have also issued reports on GTX. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. BWS Financial reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Garrett Motion in a research note on Thursday, July 30th. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 8th. Wall Street Zen cut shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and lifted their target price for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Garrett Motion has a consensus rating of “Buy” and an average target price of $38.20.

Garrett Motion Trading Down 1.9%

Shares of Garrett Motion stock traded down $0.50 on Tuesday, hitting $25.70. 257,197 shares of the company traded hands, compared to its average volume of 2,604,629. The firm’s 50-day simple moving average is $29.34 and its 200 day simple moving average is $26.88. The company has a market cap of $4.79 billion, a P/E ratio of 14.14, a P/E/G ratio of 0.71 and a beta of 0.79. Garrett Motion has a 12-month low of $12.26 and a 12-month high of $36.25.

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

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, SVP Daniel Deiro sold 20,000 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $26.89, for a total value of $537,800.00. Following the transaction, the senior vice president owned 113,783 shares in the company, valued at approximately $3,059,624.87. The trade was a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Rodrigues sold 6,140 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the transaction, the senior vice president owned 77,038 shares in the company, valued at $2,565,365.40. The trade was a 7.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 56,140 shares of company stock valued at $1,543,262 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Garrett Motion

A number of institutional investors have recently modified their holdings of the company. Cullen Frost Bankers Inc. increased its holdings in Garrett Motion by 7,110.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after purchasing an additional 1,422 shares during the period. Persistent Asset Partners Ltd bought a new position in Garrett Motion during the 2nd quarter valued at approximately $27,000. Summit Securities Group LLC purchased a new stake in Garrett Motion in the 1st quarter worth approximately $60,000. PNC Financial Services Group Inc. lifted its holdings in Garrett Motion by 22.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock worth $63,000 after buying an additional 629 shares during the period. Finally, Allworth Financial LP bought a new stake in shares of Garrett Motion in the 2nd quarter worth approximately $64,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Company Profile

Garrett Motion Inc is a technology company that develops products and software for the automotive and commercial vehicle industries. Its portfolio is focused on improving vehicle performance, fuel efficiency, emissions control and electrification.

The company’s products include turbochargers, electric boosting systems, fuel-cell compressors, thermal-management technologies and related automotive software. Garrett supplies components and systems for passenger vehicles, commercial vehicles and motorsports applications, while also serving the automotive aftermarket.

Garrett Motion has roots in Honeywell’s transportation systems business and became an independent publicly traded company in 2018.