Oaktree Capital Management LP Has $434.41 Million Stock Holdings in Garrett Motion Inc. $GTX

Oaktree Capital Management LP decreased its stake in shares of Garrett Motion Inc. (NYSE:GTX) by 13.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,894,816 shares of the company’s stock after selling 5,000,000 shares during the period. Garrett Motion makes up about 3.4% of Oaktree Capital Management LP’s investment portfolio, making the stock its 4th largest holding. Oaktree Capital Management LP owned about 16.40% of Garrett Motion worth $434,407,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of Garrett Motion by 7.2% in the 3rd quarter. Invesco Ltd. now owns 274,823 shares of the company’s stock valued at $3,743,000 after purchasing an additional 18,344 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Garrett Motion by 5,889.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,897,487 shares of the company’s stock worth $25,844,000 after buying an additional 1,865,809 shares during the period. Sei Investments Co. raised its position in Garrett Motion by 402.7% in the 3rd quarter. Sei Investments Co. now owns 169,011 shares of the company’s stock valued at $2,302,000 after buying an additional 135,393 shares during the last quarter. UBS Group AG lifted its stake in Garrett Motion by 68.0% in the 3rd quarter. UBS Group AG now owns 2,653,725 shares of the company’s stock valued at $36,144,000 after acquiring an additional 1,073,711 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Garrett Motion by 309.7% in the third quarter. Mackenzie Financial Corp now owns 182,678 shares of the company’s stock valued at $2,488,000 after purchasing an additional 138,087 shares during the last quarter. 86.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on GTX shares. BWS Financial upped their price objective on Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 12th. JPMorgan Chase & Co. assumed 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. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Stifel Nicolaus raised their price target on shares of Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.80.

Insider Buying and Selling

In related news, CEO Olivier Rabiller sold 144,000 shares of the company’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $20.32, for a total value of $2,926,080.00. Following the completion of the transaction, the chief executive officer directly owned 905,546 shares in the company, valued at approximately $18,400,694.72. The trade was a 13.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Julia Steyn sold 17,000 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $19.86, for a total value of $337,620.00. Following the completion of the transaction, the director directly owned 50,233 shares in the company, valued at approximately $997,627.38. This represents a 25.29% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 337,000 shares of company stock valued at $6,839,290. Company insiders own 0.83% of the company’s stock.

Garrett Motion Trading Down 0.6%

NYSE GTX traded down $0.10 on Friday, hitting $17.57. 87,861 shares of the company were exchanged, compared to its average volume of 2,440,997. The company has a market cap of $3.34 billion, a PE ratio of 13.87 and a beta of 0.31. The stock has a fifty day moving average of $18.95 and a 200-day moving average of $16.51. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $21.42.

Garrett Motion (NYSE:GTX) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate 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, analysts expect that Garrett Motion Inc. will post 1.25 earnings per share for the current year.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.32 annualized dividend and a dividend yield of 1.8%. Garrett Motion’s payout ratio is 21.05%.

Garrett Motion declared that its Board of Directors has approved a share repurchase plan on Wednesday, December 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.