Engineers Gate Manager LP Sells 157,381 Shares of Garrett Motion Inc. $GTX

Engineers Gate Manager LP lessened its position in shares of Garrett Motion Inc. (NASDAQ:GTX) by 72.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,710 shares of the company’s stock after selling 157,381 shares during the quarter. Engineers Gate Manager LP’s holdings in Garrett Motion were worth $2,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of GTX. Convergence Investment Partners LLC raised its stake in shares of Garrett Motion by 0.9% in the first quarter. Convergence Investment Partners LLC now owns 45,952 shares of the company’s stock valued at $835,000 after purchasing an additional 423 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Garrett Motion by 22.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock worth $63,000 after buying an additional 629 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in Garrett Motion in the 2nd quarter valued at $27,000. Baron Wealth Management LLC increased its holdings in Garrett Motion by 3.3% in the 1st quarter. Baron Wealth Management LLC now owns 27,324 shares of the company’s stock valued at $496,000 after buying an additional 878 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Garrett Motion by 2.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company’s stock valued at $707,000 after buying an additional 995 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors.

Insider Transactions at Garrett Motion

In other news, SVP Mark Rodrigues sold 6,140 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the sale, the senior vice president owned 77,038 shares of the company’s stock, valued at approximately $2,565,365.40. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Daniel Deiro sold 30,000 shares of Garrett Motion stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $26.70, for a total transaction of $801,000.00. Following the completion of the transaction, the senior vice president owned 133,783 shares of the company’s stock, valued at $3,572,006.10. This trade represents a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 56,140 shares of company stock worth $1,543,262. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GTX shares. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. BWS Financial reissued a “buy” rating and issued a $42.00 price target on shares of Garrett Motion in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and raised their price target for the stock from $33.00 to $36.00 in a research note on Thursday, July 30th. Finally, Royal Bank Of Canada set a $42.00 price objective on Garrett Motion in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $38.20.

Garrett Motion Price Performance

Garrett Motion stock opened at $25.63 on Wednesday. The stock has a fifty day moving average price of $29.20 and a two-hundred day moving average price of $26.92. Garrett Motion Inc. has a 52-week low of $12.26 and a 52-week high of $36.25. The firm has a market capitalization of $4.78 billion, a P/E ratio of 14.08, a P/E/G ratio of 0.67 and a beta of 0.79.

Garrett Motion (NASDAQ:GTX) last issued its earnings results on Thursday, July 30th. The company reported $0.53 EPS for the quarter, beating the consensus estimate 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 in the prior year, the firm posted $0.42 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts predict that Garrett Motion Inc. will post 1.91 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 1st. Garrett Motion’s dividend payout ratio (DPR) is currently 17.58%.

Garrett Motion Company Profile

Garrett Motion Inc is a technology company that develops products and software for the automotive and commercial vehicle industries. Its portfolio is focused on improving vehicle performance, fuel efficiency, emissions control and electrification.

The company’s products include turbochargers, electric boosting systems, fuel-cell compressors, thermal-management technologies and related automotive software. Garrett supplies components and systems for passenger vehicles, commercial vehicles and motorsports applications, while also serving the automotive aftermarket.

Garrett Motion has roots in Honeywell’s transportation systems business and became an independent publicly traded company in 2018.