34,779 Shares in Garrett Motion Inc. $GTX Acquired by OP Asset Management Ltd

OP Asset Management Ltd bought a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 34,779 shares of the company’s stock, valued at approximately $632,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its holdings in shares of Garrett Motion by 7,110.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after purchasing an additional 1,422 shares during the period. Spire Wealth Management increased its holdings in Garrett Motion by 971.2% in the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock valued at $26,000 after purchasing an additional 1,350 shares during the period. Global Retirement Partners LLC raised its position in Garrett Motion by 156.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after purchasing an additional 970 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in Garrett Motion by 1,422.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock worth $30,000 after purchasing an additional 1,593 shares during the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in Garrett Motion during the 1st quarter worth about $42,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Garrett Motion Trading Up 3.2%

Shares of Garrett Motion stock opened at $36.22 on Wednesday. The business has a 50-day moving average price of $30.27 and a two-hundred day moving average price of $22.64. Garrett Motion Inc. has a 1-year low of $10.38 and a 1-year high of $36.25. The company has a market cap of $6.78 billion, a P/E ratio of 21.18, a PEG 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, beating analysts’ consensus estimates of $0.43 by $0.06. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The company had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. Equities research analysts forecast that Garrett Motion Inc. will post 1.83 EPS for the current fiscal 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 paid a $0.08 dividend. The ex-dividend date of this dividend 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%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GTX shares. BWS Financial increased their price target on Garrett Motion from $32.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Freedom Capital lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings initiated coverage on Garrett Motion in a report on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. Stifel Nicolaus increased their target price on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $24.00 price target on shares of Garrett Motion in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.83.

Insiders Place Their Bets

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the stock in a transaction that occurred 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 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 filing with the Securities & Exchange Commission, which is accessible 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 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 completion of the sale, the senior vice president owned 147,956 shares of the company’s stock, valued at $4,882,548. This represents 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. Insiders sold a total of 213,834 shares of company stock valued at $6,918,710 in the last ninety days. 1.10% of the stock is owned by corporate insiders.

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.