Garrett Motion Inc (NYSE:GTX) saw a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 6,095,000 shares, a growth of 21.9% from the April 30th total of 5,001,800 shares. Currently, 8.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 641,100 shares, the short-interest ratio is presently 9.5 days.
A number of hedge funds have recently made changes to their positions in the business. Financial Advocates Investment Management purchased a new stake in Garrett Motion in the 4th quarter worth $669,000. Mason Street Advisors LLC lifted its stake in Garrett Motion by 3.4% in the 1st quarter. Mason Street Advisors LLC now owns 23,771 shares of the company’s stock worth $350,000 after purchasing an additional 785 shares in the last quarter. Pittenger & Anderson Inc. lifted its stake in Garrett Motion by 16.8% in 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 in the last quarter. Comerica Bank lifted its stake in Garrett Motion by 1.1% in the 1st quarter. Comerica Bank now owns 74,193 shares of the company’s stock worth $1,235,000 after purchasing an additional 818 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its stake in Garrett Motion by 0.7% in the 1st quarter. New York State Teachers Retirement System now owns 136,109 shares of the company’s stock worth $2,005,000 after purchasing an additional 990 shares in the last quarter. Institutional investors and hedge funds own 82.09% of the company’s stock.
Several research analysts recently weighed in on GTX shares. Zacks Investment Research downgraded shares of Garrett Motion from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Jefferies Financial Group reaffirmed a “hold” rating and issued a $17.00 target price on shares of Garrett Motion in a report on Thursday, February 21st. Finally, Barclays reaffirmed a “hold” rating on shares of Garrett Motion in a report on Thursday, February 21st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $15.00.
Garrett Motion (NYSE:GTX) last issued its earnings results on Tuesday, May 7th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.17. The firm had revenue of $835.00 million during the quarter, compared to the consensus estimate of $835.79 million. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. As a group, analysts anticipate that Garrett Motion will post 3.43 earnings per share for the current fiscal year.
Garrett Motion Company Profile
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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