1492 Capital Management LLC Acquires Shares of 18,579 Garrett Motion Inc. $GTX

1492 Capital Management LLC bought a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 18,579 shares of the company’s stock, valued at approximately $338,000.

Several other hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. increased its holdings in shares of Garrett Motion by 7,110.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after acquiring an additional 1,422 shares during the last quarter. Spire Wealth Management increased its position in Garrett Motion by 971.2% in the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock worth $26,000 after buying an additional 1,350 shares during the period. Global Retirement Partners LLC increased its position in Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after buying an additional 970 shares during the period. TD Waterhouse Canada Inc. lifted its stake in Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock valued at $30,000 after buying an additional 1,593 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Garrett Motion by 361.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock valued at $49,000 after buying an additional 2,210 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

Insider Buying and Selling

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $31.93, for a total value of $3,512,300.00. Following the transaction, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. This represents a 29.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the sale, the director owned 124,885 shares of the company’s stock, valued at $3,898,909.70. This trade represents a 12.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 213,834 shares of company stock worth $6,918,710 over the last three months. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GTX. Stifel Nicolaus boosted their price target on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. BWS Financial increased their price objective on shares of Garrett Motion from $32.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Weiss Ratings started coverage on shares of Garrett Motion in a research report on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Garrett Motion has a consensus rating of “Moderate Buy” and an average target price of $31.83.

Garrett Motion Trading Up 0.3%

NASDAQ:GTX opened at $35.11 on Friday. Garrett Motion Inc. has a twelve month low of $10.23 and a twelve month high of $35.41. The company has a 50-day moving average of $29.63 and a 200-day moving average of $22.33. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of 20.53, a price-to-earnings-growth ratio of 1.10 and a beta of 0.79.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.06. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The company had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $917.23 million. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, research analysts forecast that Garrett Motion Inc. will post 1.83 earnings per share for the current year.

Garrett Motion Dividend Announcement

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