Garrett Motion Inc. (NASDAQ:GTX) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Garrett Motion Inc. (NASDAQ:GTX) have earned a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $31.8333.

Several analysts recently weighed in on the company. Stifel Nicolaus increased their target price on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings initiated coverage on Garrett Motion in a research report on Wednesday, April 29th. They issued a “buy (b)” rating for the company. Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. BWS Financial raised their price objective on Garrett Motion from $32.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $24.00 price objective on shares of Garrett Motion in a research report on Friday, May 1st.

Insider Buying and Selling

In other Garrett Motion news, Director Daniel A. Ninivaggi sold 17,178 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the sale, the director owned 124,885 shares in the company, valued at approximately $3,898,909.70. This trade represents a 12.09% decrease in their position. The sale 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 Thierry Mabru sold 70,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $33.00, for a total value of $2,310,000.00. Following the completion of the sale, the senior vice president owned 147,956 shares of the company’s stock, valued at $4,882,548. This represents a 32.12% 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. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garrett Motion

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in shares of Garrett Motion by 45.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,705,484 shares of the company’s stock worth $23,229,000 after buying an additional 529,949 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in shares of Garrett Motion in the 3rd quarter worth approximately $1,573,000. Comerica Bank raised its holdings in shares of Garrett Motion by 22.0% in the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after buying an additional 45,370 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of Garrett Motion in the 3rd quarter worth approximately $1,646,000. Finally, Wesbanco Bank Inc. raised its holdings in shares of Garrett Motion by 75.0% in the 4th quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock worth $1,831,000 after buying an additional 45,000 shares in the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.

Garrett Motion Stock Down 2.7%

Shares of NASDAQ:GTX opened at $31.96 on Tuesday. The business has a 50 day moving average price of $25.07 and a 200 day moving average price of $20.51. Garrett Motion has a twelve month low of $9.57 and a twelve month high of $34.34. The company has a market cap of $5.98 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 1.00 and a beta of 0.79.

Garrett Motion (NASDAQ:GTX) last announced its earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.06. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The firm had revenue of $985.00 million during the quarter, compared to the consensus estimate of $917.23 million. The business’s revenue was up 12.2% on a year-over-year basis. Analysts anticipate that Garrett Motion will post 1.83 EPS for the current year.

Garrett Motion Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a $0.08 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio (DPR) is currently 18.71%.

About Garrett Motion

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.