Ieq Capital LLC Invests $1.32 Million in Garrett Motion Inc. $GTX

Ieq Capital LLC bought a new stake in Garrett Motion Inc. (NASDAQ:GTX) during the second quarter, Holdings Channel reports. The institutional investor bought 36,427 shares of the company’s stock, valued at approximately $1,320,000.

A number of other large investors have also recently bought and sold shares of GTX. Convergence Investment Partners LLC lifted 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 worth $835,000 after buying an additional 423 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Garrett Motion by 22.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock worth $63,000 after acquiring an additional 629 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Garrett Motion in the second quarter worth about $27,000. Baron Wealth Management LLC lifted its stake in shares of Garrett Motion by 3.3% during the first quarter. Baron Wealth Management LLC now owns 27,324 shares of the company’s stock valued at $496,000 after acquiring an additional 878 shares during the period. Finally, Global Retirement Partners LLC raised its position in shares of Garrett Motion by 156.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after acquiring an additional 970 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 10,516 shares of the business’s stock in a transaction dated 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 owned 83,178 shares of the company’s stock, valued at approximately $2,813,079.96. The trade was a 11.22% decrease in their position. The sale was disclosed in a filing 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, CFO Sean Deason sold 110,000 shares of the firm’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 completion of the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at approximately $8,362,754.37. This represents 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. In the last quarter, insiders have sold 196,656 shares of company stock worth $6,382,413. Company insiders own 1.10% of the company’s stock.

Garrett Motion Price Performance

NASDAQ:GTX opened at $27.06 on Thursday. The stock’s fifty day moving average price is $31.08 and its two-hundred day moving average price is $26.22. The company has a market cap of $5.05 billion, a P/E ratio of 14.87, a P/E/G ratio of 0.67 and a beta of 0.82. Garrett Motion Inc. has a 1 year low of $12.26 and a 1 year high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data 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 negative return on equity of 46.50% and a net margin of 9.51%.The company had revenue of $976.00 million for the quarter. During the same quarter last year, the business posted $0.42 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts expect that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. BWS Financial restated a “buy” rating and set a $42.00 target price on shares of Garrett Motion in a report on Thursday, July 30th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Wall Street Zen cut Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $36.00 in a report on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.