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

Garrett Motion (NYSE:GTX) announced its quarterly earnings results on Thursday. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.04, Zacks reports. The business had revenue of $890.00 million for the quarter, compared to the consensus estimate 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 last year, the business posted ($1.88) EPS. Garrett Motion updated its FY 2024 guidance to EPS.

Garrett Motion Trading Up 8.7 %

Shares of NYSE GTX traded up $0.70 during mid-day trading on Friday, reaching $8.76. The company had a trading volume of 1,888,893 shares, compared to its average volume of 837,781. The stock has a market cap of $1.98 billion, a PE ratio of -7.62 and a beta of 1.21. The company has a 50-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.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of Garrett Motion stock in a transaction on 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 in the company, valued at approximately $273,647,353.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.60% of the company’s stock.

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.