Zacks Investment Research downgraded shares of Garrett Motion (NYSE:GTX) from a hold rating to a sell rating in a research report report published on Thursday morning.
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. “
GTX has been the subject of a number of other research reports. Royal Bank of Canada started coverage on Garrett Motion in a report on Monday, October 1st. They set an underperform rating and a $14.00 target price for the company. Jefferies Financial Group started coverage on Garrett Motion in a report on Tuesday. They set a hold rating and a $13.00 target price for the company. Barclays set a $15.00 target price on Garrett Motion and gave the company a hold rating in a report on Tuesday, November 6th. Bank of America started coverage on Garrett Motion in a research note on Tuesday, October 2nd. They set an underperform rating and a $15.00 target price for the company. Finally, UBS Group started coverage on Garrett Motion in a research note on Friday, November 2nd. They set a sell rating for the company. Four analysts have rated the stock with a sell rating and two have given a hold rating to the company. The stock has a consensus rating of Sell and an average price target of $14.25.
GTX stock traded down $0.13 during mid-day trading on Thursday, reaching $11.43. 105,763 shares of the company’s stock were exchanged, compared to its average volume of 1,032,859. Garrett Motion has a 12-month low of $11.01 and a 12-month high of $22.00.
Several institutional investors and hedge funds have recently added to or reduced their stakes in GTX. Massachusetts Financial Services Co. MA acquired a new stake in shares of Garrett Motion during the third quarter worth about $30,090,000. America First Investment Advisors LLC acquired a new position in Garrett Motion in the 3rd quarter valued at about $6,114,000. Paloma Partners Management Co acquired a new position in Garrett Motion in the 3rd quarter valued at about $3,192,000. Bank of New York Mellon Corp acquired a new position in Garrett Motion in the 3rd quarter valued at about $2,225,000. Finally, JPMorgan Chase & Co. acquired a new position in Garrett Motion in the 3rd quarter valued at about $1,890,000. Institutional investors and hedge funds own 8.29% of the company’s stock.
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 was incorporated in 2018 and is headquartered in Rolle, Switzerland.
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