Engineers Gate Manager LP Sells 157,381 Shares of Garrett Motion Inc. $GTX

Key Points

• Engineers Gate Manager LP cut its Garrett Motion stake by 72.8% in the second quarter, selling 157,381 shares and retaining 58,710 shares worth approximately $2.13 million.
• 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 paid a quarterly dividend of $0.08 per share.
• Institutional investors own 86.27% of the stock, and Wall Street analysts maintain a consensus “Buy” rating with an average price target of $38.20, compared with a recent share price of $25.63.

Engineers Gate Manager LP lessened its holdings in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 72.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,710 shares of the company's stock after selling 157,381 shares during the period. Engineers Gate Manager LP's holdings in Garrett Motion were worth $2,127,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Garrett Motion during the second quarter valued at about $461,794,000. LSV Asset Management increased its holdings in shares of Garrett Motion by 45.8% during the 4th quarter. LSV Asset Management now owns 6,235,408 shares of the company's stock valued at $108,683,000 after acquiring an additional 1,958,808 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Garrett Motion by 170.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company's stock valued at $89,580,000 after acquiring an additional 3,241,952 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Garrett Motion by 10.9% in the 4th quarter. Geode Capital Management LLC now owns 3,881,043 shares of the company's stock valued at $67,655,000 after acquiring an additional 380,729 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Garrett Motion by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,504,855 shares of the company's stock worth $63,677,000 after purchasing an additional 237,508 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Stock Down 2.2%

Shares of NASDAQ:GTX opened at $25.63 on Wednesday. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 0.67 and a beta of 0.79. The business has a 50 day moving average price of $29.20 and a 200 day moving average price of $26.92. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued 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 for the quarter. During the same period in the prior year, the firm earned $0.42 earnings per share. The business's quarterly revenue was up 6.9% on a year-over-year basis. Analysts anticipate that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Announces Dividend

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

Insiders Place Their Bets

In other Garrett Motion news, SVP Mark Rodrigues sold 6,140 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total value of $204,462.00. Following the completion of the sale, the senior vice president directly owned 77,038 shares of the company's stock, valued at $2,565,365.40. This 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Daniel Deiro sold 30,000 shares of the firm's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $26.70, for a total transaction of $801,000.00. Following the completion of the sale, the senior vice president owned 133,783 shares in the company, valued at $3,572,006.10. This represents a 18.32% decrease in their ownership of the stock. 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 56,140 shares of company stock worth $1,543,262 in the last ninety days. 1.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GTX shares. Deutsche Bank Aktiengesellschaft raised Garrett Motion from a "hold" rating to a "buy" rating and upped their target price for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. Zacks Research upgraded shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 8th. BWS Financial reaffirmed a "buy" rating and set a $42.00 price objective on shares of Garrett Motion in a report on Thursday, July 30th. JPMorgan Chase & Co. lowered their target price on shares of Garrett Motion from $37.00 to $35.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Garrett Motion in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Garrett Motion currently has an average rating of "Buy" and a consensus target price of $38.20.

Garrett Motion Company Profile

Garrett Motion Inc is a technology company that develops products and software for the automotive and commercial vehicle industries. Its portfolio is focused on improving vehicle performance, fuel efficiency, emissions control and electrification.

The company's products include turbochargers, electric boosting systems, fuel-cell compressors, thermal-management technologies and related automotive software. Garrett supplies components and systems for passenger vehicles, commercial vehicles and motorsports applications, while also serving the automotive aftermarket.

Garrett Motion has roots in Honeywell's transportation systems business and became an independent publicly traded company in 2018.

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