Zacks Investment Research Downgrades Garrett Motion (GTX) to Hold

Zacks Investment Research lowered shares of Garrett Motion (NYSE:GTX) from a buy rating to a hold rating in a research note published on Wednesday.

According to Zacks, “Garrett Motion Inc. provides transportation systems. The Company offers turbochargers, engines, diesel tank and other related parts. Garrett Motion Inc. is based in Switzerland. “

GTX has been the topic of several other research reports. UBS Group started coverage on Garrett Motion in a research note on Friday, November 2nd. They issued a sell rating on the stock. Barclays set a $15.00 target price on Garrett Motion and gave the company a hold rating in a research note on Tuesday, November 6th. Jefferies Financial Group started coverage on Garrett Motion in a research note on Tuesday, December 4th. They issued a hold rating and a $13.00 target price on the stock. Royal Bank of Canada upgraded Garrett Motion from an underperform rating to a sector perform rating and boosted their target price for the company from $11.00 to $15.00 in a research note on Wednesday, January 23rd. Finally, Desjardins cut Garrett Motion to a buy rating in a research note on Wednesday, January 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Garrett Motion has an average rating of Hold and an average price target of $15.00.

NYSE:GTX opened at $16.78 on Wednesday. Garrett Motion has a fifty-two week low of $11.01 and a fifty-two week high of $22.00. The stock has a market cap of $1.24 billion and a PE ratio of 4.14.

Garrett Motion (NYSE:GTX) last released its quarterly earnings data 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 business had revenue of $799.00 million for the quarter, compared to the consensus estimate of $781.48 million. The company’s revenue was down .6% on a year-over-year basis. On average, analysts forecast that Garrett Motion will post 3.3 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTX. BlackRock Inc. lifted its stake in Garrett Motion by 1,389,042.2% in the 4th quarter. BlackRock Inc. now owns 8,682,139 shares of the company’s stock valued at $107,137,000 after acquiring an additional 8,681,514 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Garrett Motion during the 3rd quarter worth approximately $30,090,000. Gates Capital Management Inc. raised its stake in shares of Garrett Motion by 205.3% during the 4th quarter. Gates Capital Management Inc. now owns 2,239,475 shares of the company’s stock worth $27,635,000 after purchasing an additional 1,505,876 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Garrett Motion by 619.7% during the 4th quarter. Bank of New York Mellon Corp now owns 865,663 shares of the company’s stock worth $10,682,000 after purchasing an additional 745,383 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of Garrett Motion during the 4th quarter worth approximately $7,416,000. Hedge funds and other institutional investors own 30.98% of the company’s stock.

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 was incorporated in 2018 and is headquartered in Rolle, Switzerland.

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