Short Interest in Garrett Motion Inc (NYSE:GTX) Drops By 13.3%

Garrett Motion Inc (NYSE:GTX) was the recipient of a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 4,079,200 shares, a decline of 13.3% from the June 30th total of 4,702,600 shares. Based on an average daily volume of 842,800 shares, the days-to-cover ratio is currently 4.8 days. Currently, 5.5% of the shares of the stock are short sold.

Several brokerages recently issued reports on GTX. Barclays set a $16.00 price objective on Garrett Motion and gave the stock a “hold” rating in a report on Wednesday, July 31st. Zacks Investment Research cut Garrett Motion from a “hold” rating to a “sell” rating in a report on Tuesday, July 30th. Finally, Royal Bank of Canada set a $14.00 price objective on Garrett Motion and gave the stock a “hold” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $15.20.

Shares of NYSE GTX traded up $0.50 during trading on Friday, reaching $11.45. The company had a trading volume of 540,081 shares, compared to its average volume of 789,680. Garrett Motion has a twelve month low of $10.82 and a twelve month high of $22.00. The stock has a market capitalization of $860.38 million and a PE ratio of 2.83. The stock has a 50-day moving average price of $13.88 and a two-hundred day moving average price of $15.79.

Garrett Motion (NYSE:GTX) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.04. Garrett Motion had a negative return on equity of 44.81% and a net margin of 34.50%. The company had revenue of $802.00 million during the quarter, compared to analysts’ expectations of $831.99 million. During the same period in the previous year, the firm posted $2.03 earnings per share. The business’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities research analysts expect that Garrett Motion will post 3.38 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stonebridge Capital Advisors LLC purchased a new stake in shares of Garrett Motion in the second quarter worth about $38,000. Doyle Wealth Management purchased a new stake in shares of Garrett Motion in the second quarter worth about $28,000. Jane Street Group LLC purchased a new stake in shares of Garrett Motion in the second quarter worth about $1,611,000. D. E. Shaw & Co. Inc. boosted its position in shares of Garrett Motion by 28.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 392,860 shares of the company’s stock worth $6,031,000 after buying an additional 86,208 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Garrett Motion in the second quarter worth about $1,474,000. 82.03% of the stock is owned by institutional investors.

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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