Arrowstreet Capital Limited Partnership Raises Position in Garrett Motion Inc. $GTX

Arrowstreet Capital Limited Partnership grew its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 170.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,139,439 shares of the company's stock after purchasing an additional 3,241,952 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 2.64% of Garrett Motion worth $89,580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GTX. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Garrett Motion during the 4th quarter valued at $180,383,000. Merewether Investment Management LP purchased a new position in Garrett Motion in the 3rd quarter worth $40,590,000. BlueCrest Capital Management Ltd purchased a new position in Garrett Motion in the 3rd quarter worth $36,539,000. William Blair Investment Management LLC raised its stake in Garrett Motion by 51.0% in the 3rd quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company's stock worth $105,090,000 after acquiring an additional 2,605,296 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Garrett Motion by 85.9% in the 4th quarter. Marshall Wace LLP now owns 4,473,196 shares of the company's stock worth $77,968,000 after acquiring an additional 2,067,264 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company's stock.

Insiders Place Their Bets

In other news, Director Daniel A. Ninivaggi sold 17,178 shares of the firm's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $31.22, for a total transaction of $536,297.16. Following the sale, the director directly owned 124,885 shares in the company, valued at $3,898,909.70. This trade represents a 12.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of the firm's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $33.00, for a total value of $2,310,000.00. Following the sale, the senior vice president owned 147,956 shares in the company, valued at $4,882,548. This trade represents a 32.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 197,178 shares of company stock valued at $6,358,597. Company insiders own 1.10% of the company's stock.

Garrett Motion Stock Performance

Shares of GTX opened at $34.13 on Tuesday. The business's 50-day moving average is $26.86 and its two-hundred day moving average is $21.25. The company has a market capitalization of $6.39 billion, a P/E ratio of 19.96, a P/E/G ratio of 1.05 and a beta of 0.79. Garrett Motion Inc. has a fifty-two week low of $9.57 and a fifty-two week high of $34.50.

Garrett Motion (NASDAQ:GTX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.06. The company had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.Garrett Motion's quarterly revenue was up 12.2% compared to the same quarter last year. Analysts forecast that Garrett Motion Inc. will post 1.83 EPS for the current year.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion's dividend payout ratio (DPR) is currently 18.71%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GTX. JPMorgan Chase & Co. raised their target price on Garrett Motion from $30.00 to $33.00 and gave the stock an "overweight" rating in a research note on Thursday, May 14th. Weiss Ratings began coverage on Garrett Motion in a research note on Wednesday, April 29th. They issued a "buy (b)" rating for the company. Zacks Research upgraded Garrett Motion from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 22nd. Freedom Capital lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Finally, BWS Financial raised their target price on Garrett Motion from $32.00 to $42.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Garrett Motion has a consensus rating of "Moderate Buy" and an average price target of $31.83.

Garrett Motion Company 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.

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