500,000 Shares in Garrett Motion Inc. $GTX Acquired by Hill City Capital LP

Key Points

• Hill City Capital LP acquired 500,000 Garrett Motion shares worth approximately $18.1 million, making GTX 0.5% of its portfolio and representing a 0.27% company stake. Institutional investors collectively own 86.27% of the stock.
• Garrett Motion reported quarterly EPS of $0.53, exceeding the $0.46 consensus estimate, while revenue rose 6.9% year over year to $976 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $38.60.
• The company declared a quarterly dividend of $0.08 per share, equivalent to an annualized $0.32 dividend and a 1.2% yield. Meanwhile, insiders sold 196,656 shares worth roughly $6.4 million during the latest quarter.

Hill City Capital LP purchased a new stake in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 500,000 shares of the company's stock, valued at approximately $18,115,000. Garrett Motion accounts for 0.5% of Hill City Capital LP's holdings, making the stock its 24th largest position. Hill City Capital LP owned 0.27% of Garrett Motion at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Comerica Bank raised its position in shares of Garrett Motion by 22.0% in the fourth quarter. Comerica Bank now owns 251,371 shares of the company's stock worth $4,381,000 after buying an additional 45,370 shares in the last quarter. Wesbanco Bank Inc. grew its position in Garrett Motion by 75.0% during the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company's stock worth $1,831,000 after buying an additional 45,000 shares in the last quarter. Smead Capital Management Inc. purchased a new position in Garrett Motion during the fourth quarter worth about $4,257,000. Carmel Capital Management L.L.C. purchased a new position in Garrett Motion during the first quarter worth about $5,719,000. Finally, Norges Bank bought a new position in Garrett Motion in the 4th quarter worth about $29,237,000. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Price Performance

Shares of GTX stock opened at $26.62 on Monday. The stock has a market capitalization of $4.96 billion, a PE ratio of 14.63, a P/E/G ratio of 0.68 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. The business has a 50-day moving average of $31.55 and a 200 day moving average of $26.05.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million for the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 EPS. Analysts anticipate that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 1st. Garrett Motion's dividend payout ratio (DPR) is currently 17.58%.

Analysts Set New Price Targets

GTX has been the topic of several recent analyst reports. BWS Financial reaffirmed a "buy" rating and issued a $42.00 price target on shares of Garrett Motion in a report on Thursday, July 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Garrett Motion in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a "hold" rating to a "buy" rating and upped their price objective for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. Freedom Capital cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Finally, Wall Street Zen downgraded shares of Garrett Motion from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Garrett Motion has an average rating of "Moderate Buy" and an average price target of $38.60.

Insider Activity at Garrett Motion

In other Garrett Motion news, SVP Thierry Mabru sold 70,000 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the transaction, the senior vice president owned 77,038 shares in the company, valued at $2,565,365.40. This represents a 7.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 196,656 shares of company stock worth $6,382,413 over the last quarter. Corporate insiders own 1.10% of the company's stock.

About Garrett Motion

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.

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