California State Teachers Retirement System Increases Holdings in Garrett Motion Inc. $GTX

Key Points

• California State Teachers Retirement System increased its Garrett Motion stake by 50.2% in the first quarter, bringing its holdings to 202,555 shares valued at approximately $3.68 million. Institutional investors collectively own 86.27% of the company.
• Garrett Motion reported quarterly EPS of $0.53, exceeding the $0.46 consensus estimate, while revenue rose 6.9% year over year to $976 million. The company also announced a quarterly dividend of $0.08 per share, equivalent to a 1.1% annual yield.
• Analyst sentiment remains generally positive, with five analysts rating the stock a Buy and two a Hold; the consensus rating is Moderate Buy with an average price target of $37.80. Shares opened at $29.85, below their 12-month high of $36.25.

California State Teachers Retirement System increased its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 50.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 202,555 shares of the company's stock after purchasing an additional 67,740 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Garrett Motion worth $3,680,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. grew its holdings in Garrett Motion by 7,110.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company's stock valued at $25,000 after buying an additional 1,422 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of Garrett Motion by 156.7% during 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. lifted its holdings in shares of Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company's stock worth $30,000 after buying an additional 1,593 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Garrett Motion by 361.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company's stock worth $49,000 after buying an additional 2,210 shares in the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of Garrett Motion during the first quarter worth $60,000. Institutional investors own 86.27% of the company's stock.

Insider Buying and Selling

In related news, SVP Thierry Mabru sold 70,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the sale, the senior vice president owned 147,956 shares in the company, valued at approximately $4,882,548. This represents a 32.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 completion of the sale, the director owned 124,885 shares of the company's stock, valued at $3,898,909.70. This trade represents a 12.09% 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. In the last quarter, insiders sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. 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 note on Thursday, July 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garrett Motion in a report on Friday, July 24th. Stifel Nicolaus lifted their target price on Garrett Motion from $29.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Freedom Capital downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Finally, Zacks Research lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Garrett Motion currently has a consensus rating of "Moderate Buy" and an average target price of $37.80.

Garrett Motion Trading Down 2.0%

Shares of NASDAQ GTX opened at $29.85 on Friday. The firm's 50-day moving average price is $32.39 and its 200-day moving average price is $25.30. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 0.79 and a beta of 0.82. Garrett Motion Inc. has a 12-month low of $12.26 and a 12-month high of $36.25.

Garrett Motion (NASDAQ:GTX - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.53 EPS for the quarter, topping the consensus estimate 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 company had revenue of $976.00 million during the quarter. During the same quarter in the prior year, the business posted $0.42 EPS. The company's revenue was up 6.9% on a year-over-year basis. On average, equities analysts predict that Garrett Motion Inc. will post 1.86 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.1%. Garrett Motion's payout ratio is currently 17.58%.

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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