Bank of New York Mellon Corp Invests $26.76 Million in Garrett Motion Inc. $GTX

Key Points

• Bank of New York Mellon acquired 738,571 Garrett Motion shares worth approximately $26.76 million, giving it a 0.40% stake. Institutional investors and hedge funds collectively own 86.27% of GTX.
• Garrett Motion reported quarterly earnings of $0.53 per share, exceeding estimates of $0.46, while revenue rose 6.9% year over year to $976 million.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds and a consensus price target of $38.60. The company also declared a quarterly dividend of $0.08 per share, representing a 1.2% yield.

Bank of New York Mellon Corp acquired a new position in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 738,571 shares of the company's stock, valued at approximately $26,758,000. Bank of New York Mellon Corp owned approximately 0.40% of Garrett Motion at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GTX. State of Wyoming purchased a new stake in shares of Garrett Motion during the 2nd quarter worth about $2,430,000. Walleye Capital LLC acquired a new position in Garrett Motion in the second quarter worth approximately $3,398,000. Handelsbanken Fonder AB increased its holdings in Garrett Motion by 62.6% in the second quarter. Handelsbanken Fonder AB now owns 53,000 shares of the company's stock worth $1,920,000 after buying an additional 20,400 shares during the last quarter. Franklin Street Advisors Inc. NC bought a new position in Garrett Motion during the second quarter valued at approximately $234,000. Finally, Longboard Asset Management LP bought a new position in Garrett Motion during the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Garrett Motion Stock Performance

Shares of GTX opened at $26.66 on Friday. The company has a 50-day simple moving average of $30.79 and a 200-day simple moving average of $26.28. Garrett Motion Inc. has a 52 week low of $12.26 and a 52 week high of $36.25. The firm has a market capitalization of $4.97 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.68 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX - Get Free Report) last released 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. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The business had revenue of $976.00 million for the quarter. During the same period last year, the business earned $0.42 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts forecast that Garrett Motion Inc. will post 1.91 earnings per share for the current year.

Garrett Motion Announces Dividend

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

Insider Buying and Selling

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 value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of Garrett Motion stock in a transaction 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 sale, the chief financial officer owned 261,909 shares in the company, valued at $8,362,754.37. This represents a 29.58% decrease in their position. 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. Over the last 90 days, insiders have sold 126,656 shares of company stock worth $4,072,413. 1.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GTX has been the topic of a number of recent research reports. BWS Financial restated a "buy" rating and set a $42.00 price target on shares of Garrett Motion in a report on Thursday, July 30th. Zacks Research cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. 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 research report on Thursday, May 14th. Wall Street Zen lowered shares of Garrett Motion from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. Finally, Deutsche Bank Aktiengesellschaft raised 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 report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Garrett Motion currently has an average rating of "Moderate Buy" and a consensus target price of $38.60.

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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