Hodges Capital Management Inc. Acquires New Shares in Garrett Motion Inc. $GTX

Hodges Capital Management Inc. bought a new stake in Garrett Motion Inc. (NASDAQ:GTX) during the first quarter, Holdings Channel reports. The institutional investor bought 204,400 shares of the company’s stock, valued at approximately $3,714,000.

Several other hedge funds also recently bought and sold shares of GTX. Baron Wealth Management LLC lifted its holdings in shares of Garrett Motion by 3.3% during the 1st quarter. Baron Wealth Management LLC now owns 27,324 shares of the company’s stock valued at $496,000 after buying an additional 878 shares during the last quarter. Global Retirement Partners LLC grew its stake in shares of Garrett Motion by 156.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after buying an additional 970 shares in the last quarter. 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 worth $26,000 after buying an additional 1,350 shares during the last quarter. Blue Trust Inc. increased its holdings in Garrett Motion by 10.6% in the first quarter. Blue Trust Inc. now owns 14,345 shares of the company’s stock worth $261,000 after buying an additional 1,376 shares during the last quarter. Finally, Cullen Frost Bankers Inc. raised its position in Garrett Motion by 7,110.0% during the fourth 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 in the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.

Garrett Motion Stock Performance

Shares of NASDAQ GTX opened at $33.19 on Tuesday. The firm has a market cap of $6.21 billion, a price-to-earnings ratio of 19.41, a P/E/G ratio of 1.00 and a beta of 0.78. The business’s 50-day simple moving average is $31.26 and its 200-day simple moving average is $23.08. Garrett Motion Inc. has a 52 week low of $10.71 and a 52 week high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.49 earnings per share 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 business had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. The firm’s revenue was up 12.2% compared to the same quarter last year. As a group, equities research analysts forecast that Garrett Motion Inc. will post 1.83 earnings per share for the current year.

Garrett Motion Dividend Announcement

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 $0.08 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio (DPR) is currently 18.71%.

Insider Activity

In related news, CFO Sean Deason sold 110,000 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the completion of the sale, the chief financial officer directly owned 261,909 shares of the company’s stock, 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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 10,516 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $33.82, for a total transaction of $355,651.12. Following the completion of the transaction, the senior vice president owned 83,178 shares in the company, valued at $2,813,079.96. The trade was a 11.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have issued reports on GTX shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. Stifel Nicolaus increased their price target on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Zacks Research upgraded shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Friday, May 22nd. Weiss Ratings assumed coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They issued a “buy (b)” rating for the company. Finally, Royal Bank Of Canada set a $42.00 price objective on shares of Garrett Motion in a research note on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Garrett Motion presently has a consensus rating of “Moderate Buy” and an average price target of $31.83.

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.