Gamco Investors INC. ET AL Has $27.21 Million Stake in Garrett Motion Inc. $GTX

Key Points

• Gamco Investors INC. ET AL trimmed its stake in Garrett Motion by 6.1%, selling 130,611 shares to hold 1,997,509 shares worth $27.21 million (about 1.03% of the company).
• Company insiders have been net sellers: CEO Olivier Rabiller sold 144,000 shares and SVP Daniel Deiro sold 20,000, with insiders disposing of 337,000 shares (~$6.84M) over the last 90 days, leaving insiders owning 0.83%.
• Garrett beat quarterly EPS estimates ($0.42 vs. $0.39) with revenue up 5.6%, announced a $0.08 quarterly dividend (1.7% yield) and a $250 million share buyback authorization (up to ~7.7% of outstanding shares); the stock trades around $18.46 with a $3.51B market cap.

Gamco Investors INC. ET AL lowered its stake in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 6.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,997,509 shares of the company's stock after selling 130,611 shares during the period. Gamco Investors INC. ET AL owned approximately 1.03% of Garrett Motion worth $27,206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Jones Financial Companies Lllp bought a new stake in shares of Garrett Motion in the 1st quarter valued at about $42,000. Jane Street Group LLC boosted its stake in Garrett Motion by 641.7% during the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company's stock worth $761,000 after acquiring an additional 78,661 shares during the last quarter. Amalgamated Bank bought a new position in Garrett Motion during the 2nd quarter worth approximately $46,000. Bank of Montreal Can grew its holdings in Garrett Motion by 5.7% during the second quarter. Bank of Montreal Can now owns 58,021 shares of the company's stock valued at $610,000 after purchasing an additional 3,106 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Garrett Motion by 105.2% during the second quarter. Bank of New York Mellon Corp now owns 621,961 shares of the company's stock valued at $6,537,000 after purchasing an additional 318,907 shares during the period. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Garrett Motion Price Performance

NYSE:GTX opened at $18.46 on Friday. The business's 50-day simple moving average is $18.90 and its 200-day simple moving average is $16.37. Garrett Motion Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $21.42. The stock has a market capitalization of $3.51 billion, a PE ratio of 14.54 and a beta of 0.31.

Garrett Motion (NYSE:GTX - Get Free Report) last posted its earnings results on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The business's quarterly revenue was up 5.6% compared to the same quarter last year. On average, research analysts expect that Garrett Motion Inc. will post 1.25 earnings per share for the current year.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.32 annualized dividend and a dividend yield of 1.7%. Garrett Motion's dividend payout ratio is currently 21.05%.

Garrett Motion announced that its Board of Directors has approved a share repurchase plan on Wednesday, December 3rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have commented on GTX shares. JPMorgan Chase & Co. initiated coverage on shares of Garrett Motion in a research note on Wednesday, December 17th. They issued an "overweight" rating and a $23.00 target price for the company. Zacks Research cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 29th. BWS Financial boosted their price target on shares of Garrett Motion from $18.00 to $22.00 and gave the company a "buy" rating in a report on Friday, December 12th. Finally, Stifel Nicolaus upped their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the company a "buy" rating in a research report on Tuesday, December 16th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Garrett Motion has an average rating of "Moderate Buy" and an average target price of $18.80.

Insider Buying and Selling

In related news, CEO Olivier Rabiller sold 144,000 shares of the firm's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the sale, the chief executive officer directly owned 905,546 shares in the company, valued at $18,400,694.72. This trade represents a 13.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Daniel Deiro sold 20,000 shares of the business's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $20.29, for a total transaction of $405,800.00. Following the completion of the sale, the senior vice president directly owned 160,994 shares in the company, valued at $3,266,568.26. This represents a 11.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 337,000 shares of company stock worth $6,839,290 over the last ninety days. Company insiders own 0.83% of the company's stock.

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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