Garrett Motion (NYSE:GTX) Posts Earnings Results, Beats Expectations By $0.04 EPS

Garrett Motion (NYSE:GTX) announced its earnings results on Thursday. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.04, Zacks reports. Garrett Motion had a negative return on equity of 33.11% and a net margin of 6.44%. The business had revenue of $890.00 million during the quarter, compared to the consensus estimate of $950.00 million. During the same period in the prior year, the company posted ($1.88) EPS. Garrett Motion updated its FY 2024 guidance to EPS.

Garrett Motion Trading Up 8.7 %

NYSE GTX traded up $0.70 on Friday, reaching $8.76. 1,888,893 shares of the company were exchanged, compared to its average volume of 837,781. The business’s fifty day moving average price is $8.88 and its 200 day moving average price is $9.19. The stock has a market capitalization of $1.98 billion, a P/E ratio of -7.62 and a beta of 1.21. Garrett Motion has a fifty-two week low of $6.43 and a fifty-two week high of $10.16.

Insiders Place Their Bets

In other news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $10.01, for a total transaction of $37,827.79. Following the transaction, the insider now owns 27,337,398 shares of the company’s stock, valued at approximately $273,647,353.98. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial decreased their price objective on shares of Garrett Motion from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday.

About Garrett Motion

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.