Garrett Motion Inc. (GTX) is a leading global provider of high-quality technology and services that improve the performance, efficiency, and reliability of automobiles. GTX mainly serves the automotive industry, especially companies that are investing in hybrid electric power to improve vehicle performance and fuel efficiency. The company is widely recognized for its expertise in turbocharger technologies.
Founded in 1950 and headquartered at Rolle, Switzerland, Garrett Motion has a rich history that spans over six decades. The company was formerly known as Honeywell Transportation Systems and operated as a subsidiary of Honeywell International Inc. However, it was renamed Garrett Motion in 2018 and became an independent company following a spin-off from Honeywell.
Garrett Motion is most renowned for its work in turbocharger development. A turbocharger is a system that increases an engine’s efficiency and power output by forcing more air into the combustion chamber. This importance of this technology can’t be overlooked, especially in today’s auto industry where the demand for high-performing, fuel-efficient vehicles is increasing.
Over the years, Garrett Motion has set the benchmark for turbocharging systems, leading the way with its groundbreaking, patented technologies such as the dual ball bearing turbocharger and variable geometry turbocharger. The company has more than 3,000 active patents and continues to invest heavily in research and development to deliver environmentally friendly, leading-edge technology solutions.
Today, the company provides differentiating technology to all major automobile manufacturers and employs over 7,500 people across six continents with 13 R&D centers worldwide. It also operates a vast global aftermarket network of distributors and repair shops.
Garrett Motion’s vision is to shape the future of transportation by offering innovative technologies that deliver cleaner, more fuel-efficient solutions. The company uses its rich heritage and in-depth industry knowledge to pioneer products which help customers meet stringent emissions standards without compromising vehicle performance.
In October 2020, Garrett Motion filed for Chapter 11 bankruptcy to implement a pre-packaged plan of reorganization that will considerably improve its balance sheet by reducing debt and providing significant additional liquidity.
Economical ups and downs aside, Garrett Motion Inc. has proven its mettle as an industry leader, consistently pushing the envelope to deliver advanced technology solutions to the global automotive industry. The company remains steadfast in its commitment to drive innovation in the field and aligns its operations with the rising consumer demands and potentially transformative trends in transportation and mobility.
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Bank of America Corp DE has acquired 1.26 million new shares in Garrett Motion Inc. (NASDAQ:GTX), valued at approximately $45.5 million, giving the bank a 0.67% stake. Institutional investors collectively own 86.27% of Garrett Motion. The company has a consensus "Buy" rating from analysts with an average price target of $38.20, significantly higher than its recent share price of $26.40, following strong Q2 earnings that surpassed expectations.
Engineers Gate Manager LP significantly reduced its stake in Garrett Motion Inc. (NASDAQ:GTX) by 72.8% in the second quarter, selling 157,381 shares and retaining 58,710 shares. Despite this, other institutional investors like BlackRock Inc. and LSV Asset Management increased their holdings, and analysts maintain a "Buy" rating for Garrett Motion with a consensus target price of $38.20. The company reported strong quarterly earnings of $0.53 EPS, exceeding estimates, and saw a 6.9% revenue increase year-over-year.
Squarepoint Ops LLC has significantly reduced its stake in Garrett Motion Inc. (NASDAQ:GTX) by selling 624,062 shares, retaining 152,542 shares valued at approximately $5.5 million. Despite this reduction, institutional investors collectively hold a substantial 86.27% of the company's stock. Garrett Motion reported strong Q2 earnings, exceeding analyst expectations with an EPS of $0.53 and a 6.9% year-over-year revenue increase, leading to a consensus "Buy" rating from analysts with an average price target of $38.60.
Analysts have issued a "Moderate Buy" rating for Garrett Motion Inc. (NASDAQ:GTX), with an average 12-month price target of $38.60 against its opening price of $27.49. The company recently surpassed quarterly earnings expectations, reporting $0.53 EPS on $976 million in revenue, a 6.9% year-over-year increase. Insider selling activity totaling approximately $1.9 million occurred last quarter, while institutional investors hold a significant 86.27% stake.
UBS Asset Management (UBS AM) increased its stake in Garrett Motion Inc. (NASDAQ:GTX) by 54.3% in the second quarter, bringing its total holdings to 398,397 shares valued at $14.4 million. The company reported strong Q2 earnings of $0.53 per share, exceeding estimates, with revenue rising 6.9% year-over-year to $976 million. Despite some insider selling, analysts maintain a "Moderate Buy" rating with a consensus target price of $38.60 for the automotive turbocharging systems provider.
Legal & General Group Plc has made a new $5.75 million investment in Garrett Motion Inc. (NASDAQ:GTX), acquiring 158,725 shares. This investment comes as Garrett Motion exceeded its quarterly earnings estimates with revenue increasing by 6.9% year-over-year. Analysts maintain a "Moderate Buy" rating for GTX with an average price target of $38.60.
Garrett Motion Senior Vice President Daniel Deiro sold 20,000 shares of the company's stock on September 2nd for approximately $537,800, reducing his direct ownership by almost 15%. This follows a previous sale of 30,000 shares on September 1st. The transactions were conducted under a pre-arranged Rule 10b5-1 trading plan.
Jupiter Topco LLC recently acquired a new position in Garrett Motion Inc. (NASDAQ:GTX), purchasing 78,600 shares valued at approximately $2.85 million. This acquisition is part of a broader trend of institutional investment, with major funds like BlackRock also increasing their stakes. The company reported strong Q2 earnings, surpassing EPS estimates and achieving a 6.9% revenue increase, and announced a quarterly dividend, despite some insider share sales.
The Manufacturers Life Insurance Company has acquired 94,633 shares of Garrett Motion Inc. (NASDAQ:GTX), valued at approximately $3.43 million, during the second quarter, increasing institutional ownership to 86.27%. Garrett Motion reported strong quarterly earnings of $0.53 per share, surpassing estimates, and saw a 6.9% year-over-year revenue increase. Analysts maintain a "Moderate Buy" rating with an average price target of $38.60, and the company announced a quarterly dividend of $0.08 per share.