Garrett Motion (NYSE:GTX) Announces Earnings Results

Garrett Motion (NYSE:GTX) issued its quarterly earnings results on Thursday. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04, Zacks reports. Garrett Motion had a net margin of 6.44% and a negative return on equity of 33.11%. The business had revenue of $890.00 million for the quarter, compared to analysts’ expectations of $950.00 million. 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 %

NYSE GTX traded up $0.70 during trading hours on Friday, hitting $8.76. The company’s stock had a trading volume of 1,888,893 shares, compared to its average volume of 837,781. The company has a market capitalization of $1.98 billion, a PE ratio of -7.62 and a beta of 1.21. Garrett Motion has a 52 week low of $6.43 and a 52 week high of $10.16. The company’s 50-day simple moving average is $8.88 and its two-hundred day simple moving average is $9.19.

Insider Buying and Selling at Garrett Motion

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

Analyst Ratings Changes

Separately, BWS Financial dropped their price target on shares of Garrett Motion from $15.00 to $12.00 and set a “buy” rating on the stock in a research 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.