Bank of America Corp DE Has $18.42 Million Holdings in Garrett Motion Inc. $GTX

Key Points

• Bank of America reduced its Garrett Motion stake by 17.7% in the first quarter, selling 218,417 shares and retaining 1,013,821 shares worth approximately $18.42 million. Institutional investors collectively own 86.27% of the company.
• Garrett Motion reported quarterly earnings of $0.53 per share, 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 $0.32 annually and a 1.2% yield. Meanwhile, insiders sold 196,656 shares worth approximately $6.38 million over the past three months.

Bank of America Corp DE lowered its holdings in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 17.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,013,821 shares of the company's stock after selling 218,417 shares during the period. Bank of America Corp DE owned approximately 0.54% of Garrett Motion worth $18,421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GTX. Cullen Frost Bankers Inc. lifted its holdings in shares of Garrett Motion by 7,110.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company's stock worth $25,000 after acquiring an additional 1,422 shares during the period. Global Retirement Partners LLC lifted its stake in Garrett Motion by 156.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company's stock worth $28,000 after purchasing an additional 970 shares during the last quarter. TD Waterhouse Canada Inc. boosted its holdings in shares of Garrett Motion by 1,422.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company's stock valued at $30,000 after purchasing an additional 1,593 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion in the 1st quarter valued at $42,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Garrett Motion in the 2nd quarter valued at $45,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Garrett Motion Price Performance

Shares of NASDAQ GTX opened at $27.15 on Thursday. The company has a 50 day simple moving average of $31.83 and a 200 day simple moving average of $25.93. Garrett Motion Inc. has a 1 year low of $12.26 and a 1 year high of $36.25. The firm has a market cap of $5.06 billion, a PE ratio of 14.92, a price-to-earnings-growth ratio of 0.72 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates 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 company's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. As a group, research analysts anticipate 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. Investors of record on Tuesday, September 1st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, September 1st. Garrett Motion's dividend payout ratio is presently 17.58%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. BWS Financial reaffirmed a "buy" rating and issued a $42.00 price objective on shares of Garrett Motion in a research note on Thursday, July 30th. Freedom Capital downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Stifel Nicolaus increased their target price on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Weiss Ratings restated a "buy (b)" rating on shares of Garrett Motion in a research note on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Garrett Motion from a "hold" rating to a "buy" rating and lifted their price target for the company from $33.00 to $36.00 in a report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $38.60.

Insider Activity at Garrett Motion

In related news, SVP Mark Albert Rodrigues sold 6,140 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the transaction, the senior vice president directly owned 77,038 shares of the company's stock, valued at $2,565,365.40. This trade represents a 7.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 dated Friday, May 29th. The stock was sold at an average price of $33.00, for a total value of $2,310,000.00. Following the transaction, the senior vice president directly owned 147,956 shares in the company, valued at $4,882,548. The trade was a 32.12% 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. Insiders sold 196,656 shares of company stock worth $6,382,413 over the last three months. Company insiders own 1.10% of the company's stock.

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.

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