Assenagon Asset Management S.A. Increases Position in Garrett Motion Inc. $GTX

Key Points

• Assenagon Asset Management sharply increased its stake in Garrett Motion, lifting holdings by 621.1% in the first quarter to 206,660 shares worth about $3.76 million.
• Garrett Motion has also seen strong interest from other institutions, with hedge funds and other investors owning 86.27% of the stock overall.
• The company recently reported earnings that beat expectations, with EPS of $0.49 and revenue of $985 million, while analysts currently rate the stock Moderate Buy with a consensus price target of $31.83.

Assenagon Asset Management S.A. lifted its position in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 621.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 206,660 shares of the company's stock after acquiring an additional 178,002 shares during the period. Assenagon Asset Management S.A. owned 0.11% of Garrett Motion worth $3,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GTX. Cullen Frost Bankers Inc. increased its holdings in shares of Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company's stock valued at $25,000 after purchasing an additional 1,422 shares during the period. Spire Wealth Management lifted its holdings in shares of Garrett Motion by 971.2% during the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company's stock worth $26,000 after purchasing an additional 1,350 shares during the period. Global Retirement Partners LLC boosted its position in Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company's stock valued at $28,000 after buying an additional 970 shares during the last quarter. TD Waterhouse Canada Inc. boosted its position in Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company's stock valued at $30,000 after buying an additional 1,593 shares during the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in Garrett Motion in the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 86.27% of the company's stock.

Wall Street Analyst Weigh In

GTX has been the subject of a number of recent research reports. Freedom Capital lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Zacks Research raised shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a report on Friday, May 22nd. Stifel Nicolaus increased their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Weiss Ratings assumed coverage on shares of Garrett Motion in a report on Wednesday, April 29th. They set a "buy (b)" rating for the company. Finally, BWS Financial raised their target price on shares of Garrett Motion from $32.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.83.

Garrett Motion Price Performance

GTX opened at $35.08 on Tuesday. The firm has a fifty day moving average price of $29.94 and a 200 day moving average price of $22.50. Garrett Motion Inc. has a 1 year low of $10.23 and a 1 year high of $35.41. The stock has a market cap of $6.57 billion, a P/E ratio of 20.51, a P/E/G ratio of 1.10 and a beta of 0.79.

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

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion's dividend payout ratio is presently 18.71%.

Insiders Place Their Bets

In other news, CFO Sean Deason sold 110,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the transaction, the chief financial officer owned 261,909 shares in the company, valued at $8,362,754.37. This trade represents a 29.58% decrease in their position. The sale was disclosed in a filing with the SEC, 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 Garrett Motion 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 completion of the sale, the senior vice president directly owned 147,956 shares in the company, valued at $4,882,548. This represents a 32.12% 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. Over the last quarter, insiders have sold 213,834 shares of company stock worth $6,918,710. Corporate insiders own 1.10% of the company's stock.

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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