Geode Capital Management LLC Grows Holdings in Garrett Motion Inc. $GTX

Geode Capital Management LLC lifted its position in shares of Garrett Motion Inc. (NYSE:GTX) by 92.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,053,869 shares of the company’s stock after buying an additional 1,466,048 shares during the quarter. Geode Capital Management LLC’s holdings in Garrett Motion were worth $32,100,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Gates Capital Management Inc. boosted its position in Garrett Motion by 53.1% during the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company’s stock worth $56,879,000 after acquiring an additional 2,358,294 shares during the last quarter. Eubel Brady & Suttman Asset Management Inc. increased its stake in shares of Garrett Motion by 37.1% during the 2nd quarter. Eubel Brady & Suttman Asset Management Inc. now owns 2,925,770 shares of the company’s stock valued at $30,750,000 after acquiring an additional 791,177 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Garrett Motion by 574.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 534,744 shares of the company’s stock worth $5,620,000 after acquiring an additional 455,411 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Garrett Motion by 105.2% in the second quarter. Bank of New York Mellon Corp now owns 621,961 shares of the company’s stock worth $6,537,000 after acquiring an additional 318,907 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Garrett Motion in the first quarter worth approximately $2,206,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Wall Street Analysts Forecast Growth

GTX has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Garrett Motion in a research note on Monday, October 20th. They set a “hold” rating and a $14.00 price target on the stock. Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Stifel Nicolaus set a $20.00 target price on Garrett Motion in a report on Friday, October 24th. Finally, BWS Financial reissued a “buy” rating and set a $18.00 price target on shares of Garrett Motion in a research report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $16.50.

Garrett Motion Stock Up 0.6%

Garrett Motion stock opened at $16.63 on Friday. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $17.91. The firm has a fifty day moving average of $15.07 and a 200-day moving average of $12.94. The firm has a market capitalization of $3.23 billion, a P/E ratio of 13.09 and a beta of 0.41.

Garrett Motion (NYSE:GTX) last posted its earnings results on Thursday, October 23rd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. During the same quarter last year, the business posted $0.24 EPS. Garrett Motion’s revenue for the quarter was up 9.2% on a year-over-year basis. Garrett Motion has set its FY 2025 guidance at EPS. On average, research analysts expect that Garrett Motion Inc. will post 1.25 EPS for the current fiscal year.

Garrett Motion Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.08 per share. This is a boost from Garrett Motion’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, December 1st. Garrett Motion’s payout ratio is presently 20.38%.

Insider Buying and Selling at Garrett Motion

In other news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $13.28, for a total value of $4,655,516.48. Following the completion of the sale, the insider owned 20,009,945 shares in the company, valued at approximately $265,732,069.60. This trade represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 613,403 shares of company stock valued at $8,133,314 over the last ninety days. 0.83% of the stock is owned by corporate insiders.

Garrett Motion Profile

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.