Envestnet Asset Management Inc. Sells 6,758 Shares of Garrett Motion Inc. $GTX

Envestnet Asset Management Inc. trimmed its holdings in Garrett Motion Inc. (NYSE:GTX) by 13.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,732 shares of the company’s stock after selling 6,758 shares during the period. Envestnet Asset Management Inc.’s holdings in Garrett Motion were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd grew its position in shares of Garrett Motion by 4,655.8% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock valued at $47,000 after purchasing an additional 4,423 shares in the last quarter. Jones Financial Companies Lllp bought a new position in Garrett Motion in the 1st quarter worth about $42,000. Vestcor Inc bought a new position in Garrett Motion in the 1st quarter worth about $61,000. Deutsche Bank AG grew its holdings in Garrett Motion by 14.4% during the 1st quarter. Deutsche Bank AG now owns 9,383 shares of the company’s stock valued at $79,000 after buying an additional 1,181 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Garrett Motion during the first quarter valued at about $94,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Insider Activity at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $13.28, for a total transaction of $4,655,516.48. Following the transaction, the insider directly owned 20,009,945 shares of the company’s stock, valued at approximately $265,732,069.60. This trade represents a 1.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 613,403 shares of company stock worth $8,133,314. 0.83% of the stock is currently owned by corporate insiders.

Garrett Motion Price Performance

GTX stock opened at $16.53 on Wednesday. The firm has a 50 day simple moving average of $14.94 and a two-hundred day simple moving average of $12.89. The stock has a market cap of $3.21 billion, a PE ratio of 13.02 and a beta of 0.41. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $17.91.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. During the same quarter in the prior year, the company posted $0.24 earnings per share. Garrett Motion’s revenue was up 9.2% on a year-over-year basis. Garrett Motion has set its FY 2025 guidance at EPS. On average, research analysts expect that Garrett Motion Inc. will post 1.25 EPS for the current fiscal year.

Garrett Motion Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, December 1st. This is an increase from Garrett Motion’s previous quarterly dividend of $0.06. Garrett Motion’s dividend payout ratio (DPR) is currently 20.38%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GTX. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Garrett Motion in a research report on Monday, October 20th. They issued a “hold” rating and a $14.00 price objective for the company. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Stifel Nicolaus set a $20.00 price target on shares of Garrett Motion in a report on Friday, October 24th. Finally, BWS Financial reiterated a “buy” rating and issued a $18.00 price objective on shares of Garrett Motion in a research report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Garrett Motion currently has an average rating of “Buy” and an average price target of $16.50.

Garrett Motion Profile

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.