Garrett Motion (NYSE:GTX) Shares Gap Down to $9.85

Garrett Motion Inc. (NYSE:GTX) gapped down prior to trading on Thursday . The stock had previously closed at $9.85, but opened at $9.33. Garrett Motion shares last traded at $9.11, with a volume of 709,214 shares traded.

Analyst Upgrades and Downgrades

Separately, BWS Financial reiterated a “buy” rating and issued a $15.00 price objective on shares of Garrett Motion in a report on Monday, April 8th.

Garrett Motion Price Performance

The firm has a fifty day simple moving average of $9.65 and a two-hundred day simple moving average of $8.69.

Garrett Motion (NYSE:GTX) last released its earnings results on Thursday, February 15th. The company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. Garrett Motion had a negative return on equity of 35.33% and a net margin of 6.42%. The company had revenue of $945.00 million during the quarter, compared to analysts’ expectations of $949.00 million. As a group, sell-side analysts forecast that Garrett Motion Inc. will post 1.05 earnings per share for the current year.

Insider Activity at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $9.35, for a total transaction of $1,870,000.00. Following the completion of the transaction, the insider now owns 29,327,284 shares of the company’s stock, valued at approximately $274,210,105.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Garrett Motion news, major shareholder Sessa Capital Gp, Llc sold 10,000,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $9.00, for a total transaction of $90,000,000.00. Following the sale, the insider now directly owns 15,236,484 shares in the company, valued at approximately $137,128,356. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 200,000 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $9.35, for a total value of $1,870,000.00. Following the sale, the insider now owns 29,327,284 shares in the company, valued at $274,210,105.40. The disclosure for this sale can be found here. Insiders sold a total of 11,161,193 shares of company stock valued at $101,430,410 in the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Garrett Motion

Several institutional investors have recently added to or reduced their stakes in GTX. DekaBank Deutsche Girozentrale purchased a new stake in Garrett Motion during the 3rd quarter valued at $43,000. Barclays PLC boosted its stake in Garrett Motion by 888.6% during the 2nd quarter. Barclays PLC now owns 6,505 shares of the company’s stock valued at $49,000 after purchasing an additional 5,847 shares during the last quarter. Altfest L J & Co. Inc. purchased a new stake in Garrett Motion during the 3rd quarter valued at $79,000. Financial Management Professionals Inc. purchased a new position in shares of Garrett Motion in the 4th quarter worth $82,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Garrett Motion by 83.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,738 shares of the company’s stock worth $92,000 after buying an additional 5,328 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

About Garrett Motion

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.