Garrett Motion (NASDAQ:GTX) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Garrett Motion (NASDAQ:GTX) from a strong-buy rating to a buy rating in a report released on Saturday morning.

GTX has been the subject of a number of other research reports. Weiss Ratings assumed coverage on Garrett Motion in a research report on Wednesday, April 29th. They set a “buy (b)” rating for the company. Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Zacks Research downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a research report on Thursday, May 21st. Finally, Stifel Nicolaus upped their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.40.

Garrett Motion Trading Up 0.7%

NASDAQ:GTX opened at $31.77 on Friday. The company has a market cap of $5.95 billion, a PE ratio of 18.58, a P/E/G ratio of 0.93 and a beta of 0.78. Garrett Motion has a twelve month low of $11.43 and a twelve month high of $36.25. The company’s 50 day moving average is $32.66 and its two-hundred day moving average is $23.95.

Garrett Motion (NASDAQ:GTX) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.06. The business had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The company’s quarterly revenue was up 12.2% on a year-over-year basis. As a group, analysts expect that Garrett Motion will post 1.82 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion’s dividend payout ratio is presently 18.71%.

Insider Activity

In other news, SVP Thierry Mabru sold 70,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the sale, the senior vice president directly owned 147,956 shares in the company, valued at $4,882,548. This trade represents a 32.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $31.22, for a total value of $536,297.16. Following the transaction, the director owned 124,885 shares in the company, valued at $3,898,909.70. This represents a 12.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 213,834 shares of company stock valued at $6,918,710. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank boosted its holdings in Garrett Motion by 22.0% in the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after buying an additional 45,370 shares during the last quarter. Wesbanco Bank Inc. raised its holdings in shares of Garrett Motion by 75.0% during the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock valued at $1,831,000 after acquiring an additional 45,000 shares during the last quarter. Smead Capital Management Inc. acquired a new position in shares of Garrett Motion during the fourth quarter valued at approximately $4,257,000. Norges Bank acquired a new position in shares of Garrett Motion during the fourth quarter valued at approximately $29,237,000. Finally, Aristeia Capital L.L.C. purchased a new position in shares of Garrett Motion in the fourth quarter valued at approximately $912,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

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.