Evolve Private Wealth LLC Acquires Shares of 34,612 Garrett Motion Inc. $GTX

Key Points

• Evolve Private Wealth LLC opened a new position in Garrett Motion during the first quarter, buying 34,612 shares valued at about $629,000.
• Garrett Motion posted better-than-expected first-quarter results, with EPS of $0.49 versus estimates of $0.43 and revenue of $985 million, up 12.2% year over year.
• The company also paid a quarterly dividend of $0.08 per share and has seen mixed insider and analyst activity, including several insider sales and a consensus analyst rating of Moderate Buy.

Evolve Private Wealth LLC bought a new position in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 34,612 shares of the company's stock, valued at approximately $629,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTX. Cullen Frost Bankers Inc. lifted its holdings in Garrett Motion by 7,110.0% during the fourth 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. Spire Wealth Management boosted its position in Garrett Motion by 971.2% in the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company's stock worth $26,000 after purchasing an additional 1,350 shares during the last quarter. Global Retirement Partners LLC boosted its position in Garrett Motion by 156.7% in 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. grew its stake in 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 during the period. Finally, Jones Financial Companies Lllp bought a new position in Garrett Motion in the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 86.27% of the company's stock.

Garrett Motion Trading Down 1.4%

Shares of NASDAQ GTX opened at $33.27 on Thursday. The stock has a fifty day simple moving average of $28.99 and a two-hundred day simple moving average of $22.11. Garrett Motion Inc. has a 1-year low of $9.81 and a 1-year high of $35.23. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 1.06 and a beta of 0.79.

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

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a dividend of $0.08 per share. The ex-dividend date was Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. Garrett Motion's dividend payout ratio is presently 18.71%.

Insider Transactions at Garrett Motion

In other news, 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 value of $536,297.16. Following the sale, the director owned 124,885 shares of the company's stock, valued at $3,898,909.70. The trade was a 12.09% 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, SVP Thierry Mabru sold 70,000 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were 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 $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. In the last quarter, insiders sold 207,694 shares of company stock worth $6,714,248. Insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GTX. JPMorgan Chase & Co. lifted their target price on Garrett Motion from $30.00 to $33.00 and gave the stock an "overweight" rating in a research note on Thursday, May 14th. Zacks Research upgraded shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 22nd. Freedom Capital downgraded shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Stifel Nicolaus raised their price objective 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. Finally, BWS Financial lifted their price objective on shares of Garrett Motion from $32.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st. One research 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 company. Based on data from MarketBeat.com, the company has a consensus 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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