Garrett Motion (NYSE:GTX) Issues Earnings Results, Beats Expectations 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 negative return on equity of 38.75% and a net margin of 8.12%.The firm’s quarterly revenue was up 5.6% on a year-over-year basis.

Garrett Motion Price Performance

GTX stock traded down $1.47 during midday trading on Thursday, reaching $19.12. The company had a trading volume of 2,830,805 shares, compared to its average volume of 2,463,545. The firm has a 50-day moving average price of $18.34 and a 200-day moving average price of $15.82. The company has a market capitalization of $3.72 billion, a P/E ratio of 15.05 and a beta of 0.33. Garrett Motion has a 1 year low of $7.01 and a 1 year high of $21.42.

Garrett Motion declared that its board has approved a share buyback program on Wednesday, December 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GTX. Stifel Nicolaus increased their price target on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. BWS Financial increased their target price on shares of Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Garrett Motion in a research report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price target for the company. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.80.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Scientech Research LLC bought a new position in shares of Garrett Motion during the third quarter valued at about $184,000. Polymer Capital Management US LLC purchased a new stake in Garrett Motion during the 3rd quarter valued at about $165,000. Creative Planning purchased a new stake in Garrett Motion during the 3rd quarter valued at about $154,000. Qtron Investments LLC bought a new position in Garrett Motion during the 3rd quarter worth approximately $159,000. Finally, Garden State Investment Advisory Services LLC increased its stake in Garrett Motion by 16.4% in the 2nd quarter. Garden State Investment Advisory Services LLC now owns 13,667 shares of the company’s stock worth $144,000 after purchasing an additional 1,922 shares during the period. 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.