Garrett Motion (NYSE:GTX) Upgraded to Neutral by Bank of America

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Bank of America upgraded shares of Garrett Motion (NYSE:GTX) from an underperform rating to a neutral rating in a report released on Friday, BenzingaRatingsTable reports. Bank of America currently has $22.00 price target on the stock.

GTX has been the topic of a number of other reports. Morgan Stanley assumed coverage on Garrett Motion in a report on Tuesday, September 10th. They set an underweight rating and a $8.00 price objective on the stock. Barclays set a $16.00 price objective on Garrett Motion and gave the company a hold rating in a report on Wednesday, July 31st. UBS Group decreased their price objective on Garrett Motion from $12.00 to $9.00 and set a sell rating on the stock in a report on Thursday. Royal Bank of Canada set a $14.00 price objective on Garrett Motion and gave the company a hold rating in a report on Wednesday, July 31st. Finally, Zacks Investment Research cut Garrett Motion from a hold rating to a sell rating in a report on Tuesday, July 30th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Garrett Motion presently has an average rating of Hold and an average price target of $14.29.

Shares of NYSE GTX opened at $12.31 on Friday. Garrett Motion has a 1-year low of $9.31 and a 1-year high of $22.00. The stock’s 50-day moving average is $11.61 and its 200 day moving average is $15.08.

Garrett Motion (NYSE:GTX) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.04. The company had revenue of $802.00 million for the quarter, compared to analysts’ expectations of $831.99 million. Garrett Motion had a negative return on equity of 44.81% and a net margin of 34.50%. Garrett Motion’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period last year, the firm posted $2.03 EPS. As a group, equities analysts expect that Garrett Motion will post 3.38 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the business. Doyle Wealth Management purchased a new position in Garrett Motion in the 2nd quarter worth approximately $28,000. Stonebridge Capital Advisors LLC purchased a new position in Garrett Motion in the 2nd quarter worth approximately $38,000. Coastal Investment Advisors Inc. increased its stake in Garrett Motion by 1,550.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 3,795 shares of the company’s stock worth $56,000 after purchasing an additional 3,565 shares during the period. Rocky Mountain Advisers LLC purchased a new position in Garrett Motion in the 2nd quarter worth approximately $60,000. Finally, AdvisorNet Financial Inc increased its stake in Garrett Motion by 228.5% in the 2nd quarter. AdvisorNet Financial Inc now owns 5,459 shares of the company’s stock worth $84,000 after purchasing an additional 3,797 shares during the period. 84.10% of the stock is currently owned by institutional investors and hedge funds.

About Garrett Motion

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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Analyst Recommendations for Garrett Motion (NYSE:GTX)

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