Zacks Investment Research Upgrades Garrett Motion (NYSE:GTX) to Hold

Garrett Motion (NYSE:GTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage presently has a $6.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.73% from the company’s current price.

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. “

Other equities analysts have also recently issued research reports about the company. ValuEngine cut Garrett Motion from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $6.00 price target on shares of Garrett Motion in a report on Wednesday, June 17th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $5.00 price target on shares of Garrett Motion in a report on Wednesday, March 18th. Finally, Morgan Stanley cut their price target on Garrett Motion from $3.00 to $2.00 and set an “underweight” rating for the company in a report on Monday, March 30th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $8.71.

NYSE GTX opened at $5.37 on Tuesday. Garrett Motion has a twelve month low of $2.50 and a twelve month high of $15.89. The stock has a market capitalization of $390.80 million, a PE ratio of 1.40 and a beta of 3.51. The stock has a 50-day simple moving average of $5.33 and a 200 day simple moving average of $6.77.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.47. Garrett Motion had a negative return on equity of 10.56% and a net margin of 9.25%. The business had revenue of $745.00 million during the quarter, compared to analysts’ expectations of $658.00 million. As a group, sell-side analysts predict that Garrett Motion will post 0.92 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Kingstown Capital Management L.P. acquired a new position in shares of Garrett Motion in the 1st quarter worth approximately $5,720,000. Hawk Ridge Capital Management LP acquired a new position in shares of Garrett Motion in the 4th quarter worth approximately $15,711,000. Morgan Stanley raised its holdings in shares of Garrett Motion by 177.4% in the 1st quarter. Morgan Stanley now owns 1,559,253 shares of the company’s stock worth $4,460,000 after buying an additional 997,151 shares in the last quarter. State Street Corp raised its holdings in shares of Garrett Motion by 26.6% in the 1st quarter. State Street Corp now owns 1,336,592 shares of the company’s stock worth $3,823,000 after buying an additional 280,778 shares in the last quarter. Finally, America First Investment Advisors LLC raised its holdings in shares of Garrett Motion by 5.5% in the 1st quarter. America First Investment Advisors LLC now owns 1,203,189 shares of the company’s stock worth $3,441,000 after buying an additional 63,065 shares in the last quarter. 83.97% of the stock is owned by institutional investors and hedge funds.

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 offers light vehicle gasoline and diesel, and commercial vehicle turbochargers. Its integrated vehicle health management tools detect intermittent faults and anomalies to provide understanding of the real-time health of a vehicle system.

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