Garrett Motion (NYSE:GTX) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Garrett Motion (NYSE:GTX) issued its earnings results on Thursday. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03, Briefing.com reports. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. The firm’s revenue was up 5.6% compared to the same quarter last year.

Garrett Motion Price Performance

NYSE:GTX traded down $1.47 during mid-day trading on Thursday, hitting $19.12. 2,830,805 shares of the company’s stock were exchanged, compared to its average volume of 2,463,545. Garrett Motion has a one year low of $7.01 and a one year high of $21.42. The business has a fifty day moving average price of $18.34 and a 200 day moving average price of $15.82. The company has a market cap of $3.72 billion, a PE ratio of 15.05 and a beta of 0.33.

Wall Street Analyst Weigh In

GTX has been the topic of a number of analyst reports. Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. JPMorgan Chase & Co. initiated coverage on Garrett Motion in a research note on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 target price on the stock. BWS Financial boosted their price target on Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, Stifel Nicolaus increased their price objective on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Institutional Trading of Garrett Motion

A number of hedge funds have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV bought a new position in Garrett Motion during the 4th quarter valued at approximately $293,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Garrett Motion during the 4th quarter valued at about $180,383,000. Empowered Funds LLC bought a new stake in Garrett Motion during the 4th quarter valued at about $1,697,000. XTX Topco Ltd increased its stake in Garrett Motion by 12.0% during the 4th quarter. XTX Topco Ltd now owns 105,827 shares of the company’s stock valued at $1,845,000 after purchasing an additional 11,327 shares in the last quarter. Finally, Zacks Investment Management purchased a new position in Garrett Motion in the fourth quarter worth about $1,797,000. 86.27% of the stock is owned by institutional investors.

Garrett Motion declared that its Board of Directors has initiated a share repurchase plan on Wednesday, December 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Garrett Motion Company Profile

Garrett Motion Inc is a technology leader specializing in the design, development and manufacture of turbocharging systems and related technologies for the global automotive industry. Its product portfolio includes conventional exhaust gas turbochargers, variable-geometry turbochargers, electric and e-boost turbochargers, as well as electronic actuators, sensors and thermal management systems. The company’s solutions are engineered to improve engine efficiency, reduce emissions and support automakers’ efforts to meet evolving regulatory standards for fuel economy and air quality.

Garrett Motion traces its roots to the founding of AiResearch by Cliff Garrett in 1936, a pioneer in aircraft and automotive turbocharging technologies.