Castleark Management LLC Buys Shares of 469,470 Garrett Motion Inc. $GTX

Castleark Management LLC purchased a new stake in Garrett Motion Inc. (NASDAQ:GTX) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 469,470 shares of the company’s stock, valued at approximately $17,009,000. Castleark Management LLC owned about 0.25% of Garrett Motion as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion during the 1st quarter worth about $42,000. Jane Street Group LLC raised its holdings in Garrett Motion by 641.7% in the 1st 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 period. Cetera Investment Advisers acquired a new position in shares of Garrett Motion in the 2nd quarter worth approximately $121,000. Legal & General Group Plc increased its holdings in Garrett Motion by 30.4% in the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock valued at $1,024,000 after purchasing an additional 22,727 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new stake in Garrett Motion in the 2nd quarter valued at approximately $225,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Stock Up 1.7%

Shares of GTX opened at $26.27 on Wednesday. Garrett Motion Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $36.25. The firm’s 50 day moving average price is $31.22 and its 200 day moving average price is $26.16. The company has a market cap of $4.90 billion, a P/E ratio of 14.43, a PEG ratio of 0.66 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX) last released its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The company had revenue of $976.00 million for the quarter. During the same quarter last year, the company earned $0.42 earnings per share. Garrett Motion’s quarterly revenue was up 6.9% compared to the same quarter last year. Research analysts forecast that Garrett Motion Inc. will post 1.91 earnings per share for the current year.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 1st. Garrett Motion’s dividend payout ratio (DPR) is presently 17.58%.

Insider Activity at Garrett Motion

In related news, SVP Mark Albert Rodrigues sold 10,516 shares of Garrett Motion 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 directly owned 83,178 shares in the company, valued at approximately $2,813,079.96. This trade represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $31.93, for a total value of $3,512,300.00. Following the transaction, the chief financial officer directly owned 261,909 shares of the company’s stock, valued at $8,362,754.37. The trade was a 29.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 196,656 shares of company stock worth $6,382,413. Company insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. upped their price target on Garrett Motion from $33.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Freedom Capital cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and boosted their price objective for the company from $33.00 to $36.00 in a report on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Finally, Zacks Research cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $38.60.

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.