Prevatt Capital Ltd Decreases Holdings in Garrett Motion Inc. $GTX

Prevatt Capital Ltd lowered its holdings in Garrett Motion Inc. (NYSE:GTX) by 12.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,850,000 shares of the company’s stock after selling 400,000 shares during the period. Garrett Motion makes up 13.2% of Prevatt Capital Ltd’s investment portfolio, making the stock its 3rd largest position. Prevatt Capital Ltd’s holdings in Garrett Motion were worth $38,817,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of GTX. Jones Financial Companies Lllp purchased a new position in shares of Garrett Motion during the first quarter worth about $42,000. Tower Research Capital LLC TRC purchased a new stake in Garrett Motion in the second quarter valued at approximately $45,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in Garrett Motion in the second quarter valued at approximately $61,000. Blue Trust Inc. lifted its position in Garrett Motion by 254.7% during the third quarter. Blue Trust Inc. now owns 6,190 shares of the company’s stock valued at $84,000 after purchasing an additional 4,445 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in Garrett Motion during the second quarter valued at approximately $121,000. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Price Performance

Shares of GTX opened at $17.59 on Friday. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $21.42. The stock has a 50 day simple moving average of $18.95 and a two-hundred day simple moving average of $16.54. The firm has a market cap of $3.34 billion, a P/E ratio of 13.85 and a beta of 0.31.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.42 EPS for the quarter, topping 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 business’s revenue was up 5.6% compared to the same quarter last year. On average, equities analysts anticipate that Garrett Motion Inc. will post 1.25 earnings per share for the current year.

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

Garrett Motion Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Olivier Rabiller sold 144,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the transaction, the chief executive officer directly owned 905,546 shares of the company’s stock, valued at approximately $18,400,694.72. This trade represents a 13.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Julia Steyn sold 17,000 shares of Garrett Motion stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total value of $337,620.00. Following the completion of the transaction, the director owned 50,233 shares in the company, valued at approximately $997,627.38. This represents a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 337,000 shares of company stock worth $6,839,290 in the last 90 days. 0.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. BWS Financial increased their price target on shares of Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Stifel Nicolaus lifted their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. assumed coverage on Garrett Motion in a research note on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.80.

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.