Garrett Motion (NYSE:GTX) Sets New 52-Week Low on Disappointing Earnings

Garrett Motion Inc (NYSE:GTX) shares reached a new 52-week low on Friday following a dissappointing earnings announcement. The company traded as low as $8.46 and last traded at $9.96, with a volume of 106462 shares trading hands. The stock had previously closed at $10.47.

The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.33). The firm had revenue of $781.00 million for the quarter, compared to analysts’ expectations of $777.45 million. Garrett Motion had a negative return on equity of 44.81% and a net margin of 34.50%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $12.54 earnings per share.

Several research firms have commented on GTX. Bank of America raised shares of Garrett Motion from an “underperform” rating to a “neutral” rating and set a $22.00 price objective for the company in a research note on Friday, September 13th. ValuEngine upgraded Garrett Motion from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research downgraded Garrett Motion from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Morgan Stanley assumed coverage on Garrett Motion in a research report on Tuesday, September 10th. They set an “underweight” rating and a $8.00 target price for the company. Finally, UBS Group decreased their target price on Garrett Motion from $12.00 to $9.00 and set a “sell” rating for the company in a research report on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Garrett Motion has a consensus rating of “Hold” and a consensus target price of $13.29.

Several large investors have recently added to or reduced their stakes in GTX. Dynamo Internacional Gestao DE Recursos LTDA. bought a new stake in shares of Garrett Motion during the second quarter worth $38,091,000. Renaissance Technologies LLC bought a new stake in shares of Garrett Motion during the second quarter worth $8,878,000. University of Notre Dame DU Lac bought a new stake in shares of Garrett Motion during the second quarter worth $7,267,000. Intrepid Capital Management Inc. bought a new stake in shares of Garrett Motion during the second quarter worth $6,349,000. Finally, First Trust Advisors LP bought a new stake in shares of Garrett Motion during the second quarter worth $3,441,000. Institutional investors and hedge funds own 83.78% of the company’s stock.

The firm has a market capitalization of $781.28 million and a P/E ratio of 2.46. The firm has a 50-day moving average price of $9.81 and a two-hundred day moving average price of $13.40.

Garrett Motion Company Profile (NYSE:GTX)

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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