Garrett Motion (NYSE:GTX – Get Free Report) announced its earnings results on Thursday. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04, Zacks reports. Garrett Motion had a negative return on equity of 33.11% and a net margin of 6.44%. The company had revenue of $890.00 million during the quarter, compared to analyst estimates of $950.00 million. During the same period last year, the company posted ($1.88) earnings per share. Garrett Motion updated its FY 2024 guidance to EPS.
Garrett Motion Stock Performance
GTX stock traded up $0.70 during midday trading on Friday, hitting $8.76. 1,888,893 shares of the company’s stock were exchanged, compared to its average volume of 837,781. Garrett Motion has a one year low of $6.43 and a one year high of $10.16. The stock’s fifty day moving average price is $8.88 and its 200-day moving average price is $9.19. The company has a market cap of $1.98 billion, a PE ratio of -7.62 and a beta of 1.21.
Analysts Set New Price Targets
Separately, BWS Financial dropped their price target on shares of Garrett Motion from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday.
Insider Transactions at Garrett Motion
In related news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $10.01, for a total value of $37,827.79. Following the completion of the transaction, the insider now directly owns 27,337,398 shares in the company, valued at approximately $273,647,353.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is currently owned by insiders.
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.
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