Neo Ivy Capital Management Takes Position in Garrett Motion Inc. $GTX

Neo Ivy Capital Management bought a new position in shares of Garrett Motion Inc. (NYSE:GTX) in the third quarter, Holdings Channel reports. The firm bought 59,514 shares of the company’s stock, valued at approximately $811,000.

A number of other institutional investors have also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Garrett Motion in the 3rd quarter valued at approximately $5,925,000. Convergence Investment Partners LLC acquired a new position in shares of Garrett Motion in the third quarter valued at $1,573,000. Federated Hermes Inc. acquired a new stake in shares of Garrett Motion during the 3rd quarter worth about $1,646,000. Renaissance Group LLC bought a new stake in shares of Garrett Motion during the 3rd quarter worth about $1,156,000. Finally, Tableaux LLC acquired a new position in Garrett Motion in the 2nd quarter valued at about $269,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Analysts Set New Price Targets

GTX has been the subject of several research reports. Stifel Nicolaus raised their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. JPMorgan Chase & Co. initiated coverage on Garrett Motion in a report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price target for the company. Finally, BWS Financial boosted their price target on Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Garrett Motion presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Garrett Motion Stock Down 2.2%

Shares of Garrett Motion stock opened at $18.46 on Friday. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 14.54 and a beta of 0.31. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $21.42. The company has a 50-day simple moving average of $18.90 and a two-hundred day simple moving average of $16.39.

Garrett Motion (NYSE:GTX) last announced its earnings results on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, sell-side analysts anticipate that Garrett Motion Inc. will post 1.25 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. Garrett Motion’s dividend payout ratio is currently 21.05%.

Garrett Motion announced that its board has authorized a stock buyback program on Wednesday, December 3rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, SVP Daniel Deiro sold 20,000 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $20.29, for a total transaction of $405,800.00. Following the completion of the sale, the senior vice president directly owned 160,994 shares in the company, valued at approximately $3,266,568.26. This represents a 11.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Olivier Rabiller sold 144,000 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $20.32, for a total value of $2,926,080.00. Following the sale, the chief executive officer directly owned 905,546 shares in the company, valued at approximately $18,400,694.72. This trade represents a 13.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 337,000 shares of company stock valued at $6,839,290 over the last 90 days. 0.83% of the stock is owned by corporate insiders.

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.