66,329 Garrett Motion Inc. $GTX Shares Sold by Leuthold Group LLC

Key Points

• Leuthold Group reduced its Garrett Motion stake by 20.6%, selling 66,329 shares in the third quarter and retaining 256,189 shares, valued at about $6.7 million.
• Institutional investors own 86.27% of Garrett Motion, with several major firms—including Copeland Capital and Assenagon—substantially increasing their holdings during the quarter.
• Garrett Motion reported quarterly EPS of $0.51, beating the $0.45 consensus, while revenue rose 3.1% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $37.

Leuthold Group LLC lowered its stake in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 20.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 256,189 shares of the company's stock after selling 66,329 shares during the quarter. Leuthold Group LLC owned about 0.14% of Garrett Motion worth $6,669,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Garrett Motion in the second quarter worth about $461,794,000. William Blair Investment Management LLC bought a new position in Garrett Motion in the 2nd quarter worth about $117,127,000. Dimensional Fund Advisors LP raised its position in Garrett Motion by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,504,855 shares of the company's stock valued at $63,677,000 after purchasing an additional 237,508 shares in the last quarter. Copeland Capital Management LLC lifted its stake in Garrett Motion by 302.7% in the third quarter. Copeland Capital Management LLC now owns 2,227,662 shares of the company's stock worth $57,986,000 after acquiring an additional 1,674,435 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Garrett Motion by 367.3% during the third quarter. Assenagon Asset Management S.A. now owns 2,190,064 shares of the company's stock worth $57,007,000 after buying an additional 1,721,418 shares during the period. Hedge funds and other institutional investors own 86.27% of the company's stock.

Insiders Place Their Bets

In related news, SVP Daniel Deiro sold 30,000 shares of the company's stock in a transaction 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 sale, the senior vice president directly owned 133,783 shares of the company's stock, valued at approximately $3,572,006.10. This represents a 18.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. JPMorgan Chase & Co. decreased their price objective on Garrett Motion from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, September 15th. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 12th. Freedom Broker upgraded Garrett Motion from a "hold" rating to a "buy" rating and cut their price objective for the company from $34.00 to $31.00 in a research report on Friday, October 30th. Wall Street Zen lowered Garrett Motion from a "buy" rating to a "hold" rating in a research note on Saturday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 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 research report on Thursday, July 30th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Garrett Motion Stock Up 3.1%

Shares of GTX opened at $20.75 on Tuesday. Garrett Motion Inc. has a 52-week low of $15.54 and a 52-week high of $36.25. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 10.64, a price-to-earnings-growth ratio of 0.56 and a beta of 0.95. The stock has a 50 day moving average price of $24.77 and a 200 day moving average price of $25.38.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.06. The company had revenue of $930.00 million for the quarter. Garrett Motion had a net margin of 9.97% and a negative return on equity of 52.43%. The company's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, equities analysts anticipate that Garrett Motion Inc. will post 1.88 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, December 1st. Garrett Motion's dividend payout ratio (DPR) is 16.41%.

Garrett Motion Company Profile

Garrett Motion designs and manufactures automotive technologies focused on improving vehicle performance, fuel efficiency and emissions. Its products include turbochargers for passenger vehicles and commercial vehicles, along with electric boosting technologies that support conventional, hybrid and electric powertrains.

The company also develops technologies for zero-emission applications, including compressors for hydrogen fuel-cell systems. Its products and engineering services are used by automakers and commercial-vehicle manufacturers around the world.

Garrett Motion became an independent company in 2018 after being spun off from Honeywell's transportation systems business.

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