Teacher Retirement System of Texas Trims Holdings in Garrett Motion Inc. $GTX

Teacher Retirement System of Texas reduced its stake in Garrett Motion Inc. (NYSE:GTX) by 14.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 221,911 shares of the company’s stock after selling 36,823 shares during the period. Teacher Retirement System of Texas owned approximately 0.11% of Garrett Motion worth $3,022,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Strs Ohio purchased a new stake in shares of Garrett Motion in the 3rd quarter worth $266,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Garrett Motion in the third quarter worth about $2,984,000. Ritholtz Wealth Management increased its position in Garrett Motion by 10.2% in the third quarter. Ritholtz Wealth Management now owns 186,163 shares of the company’s stock worth $2,536,000 after purchasing an additional 17,267 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in Garrett Motion during the third quarter worth approximately $144,000. Finally, SG Americas Securities LLC raised its holdings in Garrett Motion by 124.0% during the 3rd quarter. SG Americas Securities LLC now owns 44,353 shares of the company’s stock valued at $604,000 after buying an additional 24,551 shares during the period. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Stock Performance

Garrett Motion stock opened at $18.14 on Thursday. The company’s 50 day simple moving average is $17.43 and its 200-day simple moving average is $15.05. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $19.28. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 14.28 and a beta of 0.25.

Garrett Motion declared that its board has approved a share repurchase plan on Wednesday, December 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

GTX has been the subject of several recent analyst reports. JPMorgan Chase & Co. assumed coverage on Garrett Motion in a research report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 target price for the company. BWS Financial boosted their price target on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft assumed coverage on Garrett Motion in a research report on Monday, October 20th. They set a “hold” rating and a $14.00 price target for the company. Finally, Stifel Nicolaus increased their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Four investment 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 has a consensus rating of “Moderate Buy” and an average price target of $18.80.

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.