Weiss Asset Management LP Makes New Investment in Garrett Motion Inc. $GTX

Weiss Asset Management LP bought a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) in the first quarter, Holdings Channel reports. The firm bought 79,400 shares of the company’s stock, valued at approximately $1,443,000.

Several other institutional investors and hedge funds also recently made changes to their positions in GTX. Jones Financial Companies Lllp bought a new position in shares of Garrett Motion in the 1st quarter worth $42,000. Jane Street Group LLC grew its stake in shares of Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after purchasing an additional 78,661 shares during the period. Cetera Investment Advisers bought a new stake in Garrett Motion in the second quarter valued at about $121,000. Legal & General Group Plc increased its holdings in Garrett Motion by 30.4% in the second 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 position in Garrett Motion in the second quarter valued at about $225,000. Institutional investors own 86.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GTX. Stifel Nicolaus raised their target price on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. JPMorgan Chase & Co. upped their price target on Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Weiss Ratings started coverage on shares of Garrett Motion in a research report on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. BWS Financial reissued a “buy” rating and set a $42.00 price objective on shares of Garrett Motion in a research note on Monday, July 6th. Finally, Wall Street Zen cut shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Garrett Motion has an average rating of “Moderate Buy” and a consensus price target of $35.40.

Insiders Place Their Bets

In related news, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $33.00, for a total value of $2,310,000.00. Following the sale, the senior vice president directly owned 147,956 shares of the company’s stock, valued at approximately $4,882,548. The trade was a 32.12% 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 quarter, insiders have sold 213,834 shares of company stock worth $6,918,710. Company insiders own 1.10% of the company’s stock.

Garrett Motion Stock Down 2.3%

GTX opened at $30.80 on Tuesday. The stock has a market cap of $5.77 billion, a P/E ratio of 18.01, a P/E/G ratio of 0.93 and a beta of 0.78. Garrett Motion Inc. has a 12 month low of $12.26 and a 12 month high of $36.25. The company has a fifty day simple moving average of $32.78 and a 200 day simple moving average of $24.59.

Garrett Motion (NASDAQ:GTX) last posted its earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.06. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $917.23 million. The firm’s quarterly revenue was up 12.2% on a year-over-year basis. On average, equities research analysts expect that Garrett Motion Inc. will post 1.81 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio (DPR) is currently 18.71%.

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.