Bank of New York Mellon Corp Acquires 41,195 Shares of Garrett Motion Inc. $GTX

Bank of New York Mellon Corp boosted its stake in shares of Garrett Motion Inc. (NASDAQ:GTX) by 6.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 672,991 shares of the company’s stock after purchasing an additional 41,195 shares during the period. Bank of New York Mellon Corp owned 0.36% of Garrett Motion worth $12,228,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp bought a new position in Garrett Motion during the first quarter worth about $42,000. Jane Street Group LLC lifted its position in shares of Garrett Motion by 641.7% in the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock valued at $761,000 after buying an additional 78,661 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of Garrett Motion during the 2nd quarter worth approximately $121,000. Legal & General Group Plc increased its holdings in shares of Garrett Motion by 30.4% during the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock worth $1,024,000 after acquiring an additional 22,727 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new position in shares of Garrett Motion during the 2nd quarter worth approximately $225,000. 86.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $33.82, for a total value 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. This represents a 11.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the sale, the senior vice president owned 147,956 shares of the company’s stock, valued at $4,882,548. This trade represents a 32.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 213,834 shares of company stock valued at $6,918,710 in the last 90 days. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

GTX has been the topic of several research analyst reports. Freedom Capital cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a research note on Thursday, May 21st. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Finally, Wall Street Zen cut Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $37.80.

Garrett Motion Stock Performance

Shares of NASDAQ GTX opened at $31.15 on Friday. The company’s 50 day moving average price is $32.66 and its 200-day moving average price is $24.88. Garrett Motion Inc. has a 52-week low of $12.26 and a 52-week high of $36.25. The company has a market capitalization of $5.81 billion, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 0.92 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX) last released its earnings results on Wednesday, July 29th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.46 by $0.07. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The business had revenue of $976.00 million during the quarter. During the same period in the prior year, the business earned $0.42 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts forecast that Garrett Motion Inc. will post 1.81 earnings per share for the current year.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s dividend payout ratio is presently 17.58%.

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.