Garrett Motion Inc. $GTX Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its position in shares of Garrett Motion Inc. (NASDAQ:GTX) by 621.1% in the first quarter, Holdings Channel.com reports. The fund owned 206,660 shares of the company’s stock after acquiring an additional 178,002 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Garrett Motion were worth $3,755,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Garrett Motion in the fourth quarter worth approximately $180,383,000. Arrowstreet Capital Limited Partnership boosted its stake in Garrett Motion by 170.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company’s stock worth $89,580,000 after purchasing an additional 3,241,952 shares during the last quarter. Merewether Investment Management LP purchased a new stake in shares of Garrett Motion during the third quarter worth $40,590,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Garrett Motion during the third quarter worth $36,539,000. Finally, Apis Capital Advisors LLC raised its position in shares of Garrett Motion by 1,492.9% in the fourth quarter. Apis Capital Advisors LLC now owns 2,230,000 shares of the company’s stock valued at $38,869,000 after buying an additional 2,090,000 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Trading Down 0.1%

Shares of GTX stock opened at $35.08 on Tuesday. The company’s 50-day moving average price is $29.94 and its 200-day moving average price is $22.50. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 1.10 and a beta of 0.79. Garrett Motion Inc. has a twelve month low of $10.23 and a twelve month high of $35.41.

Garrett Motion (NASDAQ:GTX) last released 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. The firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm’s revenue was up 12.2% on a year-over-year basis. As a group, equities research analysts predict that Garrett Motion Inc. will post 1.83 EPS for the current year.

Garrett Motion Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.9%. Garrett Motion’s payout ratio is currently 18.71%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Weiss Ratings began coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. Zacks Research upgraded shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. 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 price target on Garrett Motion in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Garrett Motion has a consensus rating of “Moderate Buy” and a consensus target price of $31.83.

Insiders Place Their Bets

In other news, CFO Sean Deason sold 110,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the completion of the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at approximately $8,362,754.37. This represents a 29.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total value of $204,462.00. Following the sale, the senior vice president directly owned 77,038 shares of the company’s stock, valued at $2,565,365.40. The trade was a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 213,834 shares of company stock worth $6,918,710 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Garrett Motion 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.