Garrett Motion (NYSE:GTX) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Garrett Motion (NYSE:GTX) from a hold rating to a sell rating in a report released on Tuesday morning, Zacks.com reports.

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. “

Garrett Motion stock traded down $0.45 during mid-day trading on Tuesday, reaching $13.05. 4,046 shares of the company traded hands, compared to its average volume of 708,583. The stock’s 50 day moving average price is $14.83. The stock has a market capitalization of $1.02 billion and a price-to-earnings ratio of 3.22. Garrett Motion has a 52-week low of $11.01 and a 52-week high of $22.00.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.04. The business had revenue of $802.00 million for the quarter, compared to the consensus estimate of $831.99 million. Garrett Motion had a net margin of 34.50% and a negative return on equity of 44.81%. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.03 EPS. Equities research analysts expect that Garrett Motion will post 3.4 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in GTX. Versant Capital Management Inc grew its position in shares of Garrett Motion by 200.8% in the 1st quarter. Versant Capital Management Inc now owns 2,590 shares of the company’s stock worth $38,000 after buying an additional 1,729 shares during the period. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Garrett Motion in the 4th quarter worth about $53,000. Coastal Investment Advisors Inc. grew its position in shares of Garrett Motion by 1,550.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 3,795 shares of the company’s stock worth $56,000 after buying an additional 3,565 shares during the period. Rocky Mountain Advisers LLC purchased a new stake in shares of Garrett Motion in the 2nd quarter worth about $60,000. Finally, Massmutual Trust Co. FSB ADV purchased a new stake in shares of Garrett Motion in the 4th quarter worth about $62,000. 82.05% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Company 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.

Featured Story: How to build a Fibonacci channel

Get a free copy of the Zacks research report on Garrett Motion (GTX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Garrett Motion (NYSE:GTX)

Receive News & Ratings for Garrett Motion Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garrett Motion and related companies with MarketBeat.com's FREE daily email newsletter.