Garrett Motion (NYSE:GTX) Posts Earnings Results

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

Garrett Motion Trading Up 8.7 %

GTX stock traded up $0.70 during midday trading on Friday, hitting $8.76. The stock had a trading volume of 1,888,893 shares, compared to its average volume of 837,781. The firm has a market cap of $1.98 billion, a P/E ratio of -7.62 and a beta of 1.21. The business has a fifty day moving average price of $8.88 and a two-hundred day moving average price of $9.19. Garrett Motion has a 1-year low of $6.43 and a 1-year high of $10.16.

Analysts Set New Price Targets

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

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 stock was sold at an average price of $10.01, for a total value of $37,827.79. Following the transaction, the insider now directly owns 27,337,398 shares of the company’s stock, valued at approximately $273,647,353.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.60% of the company’s stock.

Garrett Motion Company Profile

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.