Castleark Management LLC Acquires Shares of 514,400 Garrett Motion Inc. $GTX

Key Points

• Castleark Management LLC disclosed a new fourth-quarter stake in Garrett Motion, buying 514,400 shares worth about $8.97 million and giving it roughly 0.26% ownership of the company.
• Garrett Motion posted a solid quarter, with EPS of $0.49 topping estimates and revenue of $985 million beating expectations, while revenue rose 12.2% year over year.
• Insider selling was notable, as CFO Sean Deason and Director Daniel A. Ninivaggi sold shares in pre-arranged transactions, bringing total insider sales to 197,178 shares last quarter; the company also declared a $0.08 quarterly dividend.

Castleark Management LLC acquired a new stake in Garrett Motion Inc. (NASDAQ:GTX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 514,400 shares of the company's stock, valued at approximately $8,966,000. Castleark Management LLC owned approximately 0.26% of Garrett Motion at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Global Retirement Partners LLC lifted 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 purchasing an additional 970 shares in the last quarter. D Orazio & Associates Inc. lifted its position in shares of Garrett Motion by 7.2% during the third quarter. D Orazio & Associates Inc. now owns 15,101 shares of the company's stock valued at $206,000 after purchasing an additional 1,015 shares in the last quarter. Spire Wealth Management lifted its position 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 valued at $26,000 after purchasing an additional 1,350 shares in the last quarter. Cullen Frost Bankers Inc. lifted its position in shares of Garrett Motion by 7,110.0% during 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 in the last quarter. Finally, Baron Wealth Management LLC lifted its position in shares of Garrett Motion by 6.3% during the fourth quarter. Baron Wealth Management LLC now owns 26,446 shares of the company's stock valued at $461,000 after purchasing an additional 1,570 shares in the last quarter. 86.27% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Sean Deason sold 110,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the sale, the chief financial officer owned 261,909 shares of the company's stock, valued at $8,362,754.37. The trade was a 29.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the completion of the sale, the director directly owned 124,885 shares in the company, valued at approximately $3,898,909.70. This trade represents a 12.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 197,178 shares of company stock valued at $6,358,597 over the last quarter. Company insiders own 1.10% of the company's stock.

Garrett Motion Stock Up 0.5%

Shares of GTX stock opened at $33.56 on Friday. The company has a 50 day moving average of $26.55 and a 200-day moving average of $21.09. Garrett Motion Inc. has a 12-month low of $9.57 and a 12-month high of $34.42. The firm has a market cap of $6.28 billion, a P/E ratio of 19.63, a PEG ratio of 1.05 and a beta of 0.79.

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

Garrett Motion Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. Garrett Motion's payout ratio is 18.71%.

Analysts Set New Price Targets

GTX has been the topic of a number of recent analyst reports. Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a research report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $24.00 price target on shares of Garrett Motion in a research report on Friday, May 1st. JPMorgan Chase & Co. lifted their price objective on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, May 14th. Zacks Research raised shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 22nd. Finally, Weiss Ratings assumed coverage on shares of Garrett Motion in a research report on Wednesday, April 29th. They issued a "buy (b)" rating on the stock. 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $31.83.

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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