Prudential Financial Inc. boosted its holdings in shares of Garrett Motion Inc (NYSE:GTX) by 6.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,778 shares of the company’s stock after acquiring an additional 7,255 shares during the period. Prudential Financial Inc. owned 0.16% of Garrett Motion worth $1,854,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in GTX. Coastal Investment Advisors Inc. grew its stake 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 valued at $56,000 after buying an additional 3,565 shares during the period. Rocky Mountain Advisers LLC purchased a new position in shares of Garrett Motion during the 2nd quarter worth approximately $60,000. Pittenger & Anderson Inc. boosted its position in shares of Garrett Motion by 16.8% during the 1st quarter. Pittenger & Anderson Inc. now owns 5,555 shares of the company’s stock worth $82,000 after purchasing an additional 800 shares during the period. AdvisorNet Financial Inc boosted its position in shares of Garrett Motion by 228.5% during the 2nd quarter. AdvisorNet Financial Inc now owns 5,459 shares of the company’s stock worth $84,000 after purchasing an additional 3,797 shares during the period. Finally, Amundi Pioneer Asset Management Inc. purchased a new position in shares of Garrett Motion during the 1st quarter worth approximately $98,000. 84.10% of the stock is owned by institutional investors.
A number of equities analysts recently weighed in on GTX shares. 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 report on Friday, September 13th. Zacks Investment Research cut shares of Garrett Motion from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Royal Bank of Canada set a $14.00 price objective on shares of Garrett Motion and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Morgan Stanley started coverage on shares of Garrett Motion in a report on Tuesday, September 10th. They set an “underweight” rating and a $8.00 target price on the stock. Finally, UBS Group reduced their target price on shares of Garrett Motion from $12.00 to $9.00 and set a “sell” rating on the stock in a report on Thursday, September 12th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $14.29.
Garrett Motion (NYSE:GTX) last released its earnings results on Tuesday, July 30th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.04. Garrett Motion had a net margin of 34.50% and a negative return on equity of 44.81%. The company had revenue of $802.00 million for the quarter, compared to analyst estimates of $831.99 million. During the same period in the prior year, the business earned $2.03 EPS. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. Equities research analysts forecast that Garrett Motion Inc will post 3.38 earnings per share for the current year.
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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