Geode Capital Management LLC cut its stake in Garrett Motion Inc (NYSE:GTX) by 30.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 544,340 shares of the company’s stock after selling 236,341 shares during the period. Geode Capital Management LLC owned 0.74% of Garrett Motion worth $6,717,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of GTX. Exane Derivatives purchased a new stake in Garrett Motion in the fourth quarter worth about $25,000. First Manhattan Co. bought a new position in shares of Garrett Motion during the fourth quarter valued at approximately $26,000. Oregon Public Employees Retirement Fund bought a new position in shares of Garrett Motion during the fourth quarter valued at approximately $28,000. TCI Wealth Advisors Inc. bought a new position in shares of Garrett Motion during the fourth quarter valued at approximately $30,000. Finally, LS Investment Advisors LLC bought a new position in shares of Garrett Motion during the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.14% of the company’s stock.
A number of brokerages have weighed in on GTX. Zacks Investment Research downgraded shares of Garrett Motion from a “buy” rating to a “hold” rating in a research note on Wednesday, February 27th. Desjardins downgraded shares of Garrett Motion to a “buy” rating in a research note on Wednesday, January 23rd. Barclays reaffirmed a “hold” rating on shares of Garrett Motion in a research note on Thursday, February 21st. Jefferies Financial Group reaffirmed a “hold” rating and set a $17.00 target price on shares of Garrett Motion in a research note on Thursday, February 21st. Finally, Royal Bank of Canada raised shares of Garrett Motion from an “underperform” rating to a “sector perform” rating and raised their target price for the company from $11.00 to $15.00 in a research note on Wednesday, January 23rd. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $15.00.
Garrett Motion (NYSE:GTX) last announced its quarterly earnings results on Wednesday, February 20th. The company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.03. The firm had revenue of $799.00 million for the quarter, compared to the consensus estimate of $781.48 million. Garrett Motion’s quarterly revenue was down .6% compared to the same quarter last year. On average, research analysts forecast that Garrett Motion Inc will post 3.3 EPS for the current fiscal 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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