Garrett Motion Inc. $GTX Shares Acquired by Apis Capital Advisors LLC

Key Points

• Apis Capital Advisors dramatically increased its stake in Garrett Motion, boosting holdings by 1,492.9% in the fourth quarter to 2.23 million shares. The position was valued at about $38.9 million and made Garrett Motion the firm’s third-largest holding.
• Insider selling picked up recently, with CFO Sean Deason and Director Daniel A. Ninivaggi both selling shares under pre-arranged Rule 10b5-1 plans. Over the past three months, insiders have sold 207,694 shares worth about $6.7 million.
• Garrett Motion reported strong quarterly results, beating EPS and revenue estimates, and it also paid a quarterly dividend of $0.08 per share. Analysts currently view the stock as a Moderate Buy with an average price target of $31.83.

Apis Capital Advisors LLC boosted its stake in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 1,492.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,230,000 shares of the company's stock after purchasing an additional 2,090,000 shares during the quarter. Garrett Motion comprises about 6.8% of Apis Capital Advisors LLC's holdings, making the stock its 3rd biggest position. Apis Capital Advisors LLC owned 1.15% of Garrett Motion worth $38,869,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Cullen Frost Bankers Inc. grew its holdings in Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company's stock worth $25,000 after purchasing an additional 1,422 shares during the period. Spire Wealth Management grew its holdings 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 period. Global Retirement Partners LLC grew its holdings 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 period. TD Waterhouse Canada Inc. grew its holdings in Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company's stock worth $30,000 after purchasing an additional 1,593 shares during the period. Finally, Jones Financial Companies Lllp acquired a new stake in Garrett Motion in the first quarter worth $42,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Sean Deason sold 110,000 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of Garrett Motion stock in a transaction dated Friday, May 15th. The stock was 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 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 207,694 shares of company stock valued at $6,714,248 in the last three months. 1.10% of the stock is owned by company insiders.

Garrett Motion Price Performance

Shares of NASDAQ GTX opened at $33.76 on Thursday. The stock has a market capitalization of $6.32 billion, a P/E ratio of 19.74, a P/E/G ratio of 1.09 and a beta of 0.79. The company has a 50-day moving average price of $27.49 and a 200-day moving average price of $21.50. Garrett Motion Inc. has a 1 year low of $9.57 and a 1 year high of $35.06.

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

Garrett Motion Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.08 per share. The ex-dividend date was Monday, June 1st. This represents a $0.32 annualized dividend and a yield of 0.9%. Garrett Motion's payout ratio is 18.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Freedom Capital cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. JPMorgan Chase & Co. raised their price target on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, May 14th. Weiss Ratings assumed coverage on shares of Garrett Motion in a report on Wednesday, April 29th. They issued a "buy (b)" rating for the company. Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a report on Thursday, May 21st. Finally, Zacks Research upgraded shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.83.

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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