Panagora Asset Management Inc. lowered its holdings in Garrett Motion Inc (NYSE:GTX) by 54.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,539 shares of the company’s stock after selling 55,227 shares during the quarter. Panagora Asset Management Inc.’s holdings in Garrett Motion were worth $714,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in GTX. Prudential Financial Inc. raised its position in Garrett Motion by 6.4% in the 2nd quarter. Prudential Financial Inc. now owns 120,778 shares of the company’s stock valued at $1,854,000 after purchasing an additional 7,255 shares during the last quarter. Knuff & Co LLC raised its position in Garrett Motion by 162.9% in the 2nd quarter. Knuff & Co LLC now owns 47,330 shares of the company’s stock valued at $726,000 after purchasing an additional 29,330 shares during the last quarter. Acadian Asset Management LLC raised its position in Garrett Motion by 6,404,200.0% in the 2nd quarter. Acadian Asset Management LLC now owns 64,043 shares of the company’s stock valued at $983,000 after purchasing an additional 64,042 shares during the last quarter. Menta Capital LLC bought a new position in Garrett Motion in the 2nd quarter valued at $201,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Garrett Motion in the 2nd quarter valued at $190,000. 81.49% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have issued reports on GTX shares. Barclays set a $16.00 price objective on Garrett Motion and gave the company a “hold” rating in a research report on Wednesday, July 31st. Royal Bank of Canada set a $14.00 price objective on Garrett Motion and gave the company a “hold” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research cut Garrett Motion from a “hold” rating to a “sell” rating in a research note on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $15.20.
Shares of NYSE GTX traded up $0.21 during midday trading on Thursday, hitting $11.30. The stock had a trading volume of 1,774 shares, compared to its average volume of 825,537. The company’s 50-day simple moving average is $13.48 and its 200 day simple moving average is $15.68. The firm has a market cap of $852.92 million and a P/E ratio of 2.78. Garrett Motion Inc has a fifty-two week low of $10.82 and a fifty-two week high of $22.00.
Garrett Motion (NYSE:GTX) last released its earnings results on Tuesday, July 30th. The company reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.04. The company had revenue of $802.00 million during the quarter, compared to analysts’ expectations of $831.99 million. Garrett Motion had a negative return on equity of 44.81% and a net margin of 34.50%. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period last year, the firm earned $2.03 EPS. On average, sell-side analysts forecast that Garrett Motion Inc will post 3.38 earnings per share for the current fiscal year.
Garrett Motion Profile
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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