Garrett Motion Inc. $GTX Shares Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its position in Garrett Motion Inc. (NASDAQ:GTX) by 170.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,139,439 shares of the company’s stock after buying an additional 3,241,952 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Garrett Motion were worth $89,580,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in Garrett Motion by 45.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,705,484 shares of the company’s stock worth $23,229,000 after buying an additional 529,949 shares during the last quarter. Comerica Bank boosted its holdings in Garrett Motion by 22.0% in the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after buying an additional 45,370 shares during the last quarter. Wesbanco Bank Inc. boosted its holdings in Garrett Motion by 75.0% in the 4th quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock worth $1,831,000 after buying an additional 45,000 shares during the last quarter. Yorkville Advisors Global LP acquired a new stake in Garrett Motion in the 3rd quarter worth about $11,168,000. Finally, Counterpoint Mutual Funds LLC boosted its holdings in Garrett Motion by 323.3% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 172,018 shares of the company’s stock worth $2,343,000 after buying an additional 131,380 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Daniel A. Ninivaggi sold 17,178 shares of Garrett Motion stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the sale, the director owned 124,885 shares of the company’s stock, valued at approximately $3,898,909.70. The trade was a 12.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of Garrett Motion stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the sale, the senior vice president directly owned 147,956 shares in the company, valued at approximately $4,882,548. The trade was a 32.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 197,178 shares of company stock valued at $6,358,597. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GTX has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $24.00 price objective on shares of Garrett Motion in a report on Friday, May 1st. Stifel Nicolaus boosted their target price on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Freedom Capital cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Finally, Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.83.

Garrett Motion Stock Performance

GTX stock opened at $34.13 on Tuesday. The firm has a market cap of $6.39 billion, a PE ratio of 19.96, a PEG ratio of 1.05 and a beta of 0.79. The firm’s 50 day moving average price is $26.86 and its 200-day moving average price is $21.25. Garrett Motion Inc. has a one year low of $9.57 and a one year high of $34.50.

Garrett Motion (NASDAQ:GTX) last released its quarterly earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.43 by $0.06. The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The business’s revenue was up 12.2% on a year-over-year basis. Equities research analysts predict that Garrett Motion Inc. will post 1.83 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion’s payout ratio is presently 18.71%.

About Garrett Motion

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.