Fifth Third Bancorp Has $4.64 Million Stake in Garrett Motion Inc. $GTX

Key Points

• Fifth Third Bancorp dramatically increased its stake in Garrett Motion, lifting holdings by 59,961.4% to 255,261 shares worth about $4.64 million at the end of Q1.
• Garrett Motion reported strong quarterly results, with EPS of $0.49 beating estimates and revenue of $985 million exceeding expectations; revenue also rose 12.2% year over year.
• The company continues to draw mixed signals from the market, with analysts maintaining a Moderate Buy consensus while insiders recently sold shares, including notable sales by the SVP and CFO.

Fifth Third Bancorp lifted its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 59,961.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 255,261 shares of the company's stock after purchasing an additional 254,836 shares during the period. Fifth Third Bancorp owned 0.14% of Garrett Motion worth $4,638,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Comerica Bank grew its position in Garrett Motion by 22.0% in the 4th quarter. Comerica Bank now owns 251,371 shares of the company's stock valued at $4,381,000 after purchasing an additional 45,370 shares during the period. Wesbanco Bank Inc. raised its holdings in Garrett Motion by 75.0% during the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company's stock worth $1,831,000 after buying an additional 45,000 shares during the last quarter. Smead Capital Management Inc. bought a new position in shares of Garrett Motion in the fourth quarter valued at $4,257,000. Norges Bank acquired a new position in shares of Garrett Motion during the fourth quarter valued at about $29,237,000. Finally, Aristeia Capital L.L.C. acquired a new position in shares of Garrett Motion during the fourth quarter valued at about $912,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Garrett Motion Trading Up 0.7%

GTX stock opened at $31.77 on Friday. The stock has a market cap of $5.95 billion, a P/E ratio of 18.58, a P/E/G ratio of 0.93 and a beta of 0.78. The stock's fifty day simple moving average is $32.66 and its two-hundred day simple moving average is $23.95. Garrett Motion Inc. has a 1-year low of $11.43 and a 1-year high of $36.25.

Garrett Motion (NASDAQ:GTX - Get Free Report) last released its earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.06. The company had revenue of $985.00 million for the quarter, compared to analysts' expectations 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 revenue was up 12.2% compared to the same quarter last year. As a group, analysts forecast that Garrett Motion Inc. will post 1.82 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Garrett Motion from $29.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $24.00 price objective on shares of Garrett Motion in a research note on Friday, May 1st. Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a research report on Thursday, May 21st. BWS Financial reissued a "buy" rating and issued a $42.00 price target on shares of Garrett Motion in a research report on Monday, July 6th. Finally, Zacks Research downgraded shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Garrett Motion presently has a consensus rating of "Moderate Buy" and an average price target of $35.40.

Insider Activity at Garrett Motion

In related news, SVP Thierry Mabru sold 70,000 shares of Garrett Motion stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $33.00, for a total value of $2,310,000.00. Following the sale, the senior vice president owned 147,956 shares of the company's stock, valued at approximately $4,882,548. The trade was a 32.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 the stock in a transaction 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 transaction, the chief financial officer directly owned 261,909 shares of the company's stock, valued at approximately $8,362,754.37. This trade represents a 29.58% 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. In the last 90 days, insiders have sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is currently owned by company insiders.

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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