Assenagon Asset Management S.A. Acquires New Holdings in Garrett Motion Inc. $GTX

Assenagon Asset Management S.A. acquired a new position in Garrett Motion Inc. (NYSE:GTX) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 28,658 shares of the company’s stock, valued at approximately $500,000.

Several other large investors have also recently made changes to their positions in the stock. Jones Financial Companies Lllp purchased a new stake in shares of Garrett Motion during the 1st quarter worth $42,000. Tower Research Capital LLC TRC purchased a new position in Garrett Motion in the second quarter valued at about $45,000. Skandinaviska Enskilda Banken AB publ purchased a new position in Garrett Motion in the second quarter valued at about $61,000. Blue Trust Inc. boosted its stake in Garrett Motion by 254.7% in the third quarter. Blue Trust Inc. now owns 6,190 shares of the company’s stock valued at $84,000 after acquiring an additional 4,445 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new position in Garrett Motion in the second quarter worth $121,000. 86.27% of the stock is owned by institutional investors.

Garrett Motion Stock Performance

Garrett Motion stock opened at $18.60 on Thursday. Garrett Motion Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $21.42. The company has a market cap of $3.53 billion, a PE ratio of 14.65 and a beta of 0.31. The business’s 50-day simple moving average is $18.79 and its two-hundred day simple moving average is $16.99.

Garrett Motion (NYSE:GTX) last released its earnings results on Thursday, February 19th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, analysts predict that Garrett Motion Inc. will post 1.25 EPS for the current fiscal year.

Garrett Motion declared that its Board of Directors has initiated a share buyback plan on Wednesday, December 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a dividend of $0.08 per share. The ex-dividend date was Monday, March 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. Garrett Motion’s payout ratio is currently 21.05%.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, CEO Olivier Rabiller sold 144,000 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the sale, the chief executive officer directly owned 905,546 shares of the company’s stock, valued at approximately $18,400,694.72. This trade represents a 13.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Daniel Deiro sold 20,000 shares of Garrett Motion stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $20.29, for a total value of $405,800.00. Following the transaction, the senior vice president owned 160,994 shares of the company’s stock, valued at $3,266,568.26. The trade was a 11.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 337,000 shares of company stock valued at $6,839,290. 0.83% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. started coverage on Garrett Motion in a research report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price target on the stock. BWS Financial raised their price objective on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Stifel Nicolaus boosted their target price on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Finally, Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Garrett Motion Company Profile

Garrett Motion Inc is a technology leader specializing in the design, development and manufacture of turbocharging systems and related technologies for the global automotive industry. Its product portfolio includes conventional exhaust gas turbochargers, variable-geometry turbochargers, electric and e-boost turbochargers, as well as electronic actuators, sensors and thermal management systems. The company’s solutions are engineered to improve engine efficiency, reduce emissions and support automakers’ efforts to meet evolving regulatory standards for fuel economy and air quality.

Garrett Motion traces its roots to the founding of AiResearch by Cliff Garrett in 1936, a pioneer in aircraft and automotive turbocharging technologies.