Garrett Motion Inc. $GTX Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Garrett Motion stake by 126.8% in the second quarter, adding 261,986 shares to own 468,646 shares valued at approximately $17 million. Institutional investors collectively own 86.27% of GTX.
• Garrett Motion reported quarterly earnings of $0.53 per share, beating estimates of $0.46, while revenue rose 6.9% year over year to $976 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $38.60.
• The company announced a quarterly dividend of $0.08 per share, equivalent to an annualized $0.32 payout and a 1.1% yield. Meanwhile, insiders sold 213,834 shares worth approximately $6.9 million during the latest quarter.

Assenagon Asset Management S.A. raised its position in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 126.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 468,646 shares of the company's stock after acquiring an additional 261,986 shares during the period. Assenagon Asset Management S.A. owned approximately 0.25% of Garrett Motion worth $16,979,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GTX. Comerica Bank increased its stake in Garrett Motion by 22.0% during the 4th quarter. Comerica Bank now owns 251,371 shares of the company's stock worth $4,381,000 after buying an additional 45,370 shares during the period. Wesbanco Bank Inc. boosted its position in Garrett Motion by 75.0% in the 4th quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company's stock valued at $1,831,000 after buying an additional 45,000 shares during the last quarter. Smead Capital Management Inc. purchased a new position in Garrett Motion in the 4th quarter valued at about $4,257,000. Carmel Capital Management L.L.C. acquired a new stake in shares of Garrett Motion during the first quarter valued at about $5,719,000. Finally, Norges Bank purchased a new stake in shares of Garrett Motion during the fourth quarter worth about $29,237,000. Hedge funds and other institutional investors own 86.27% of the company's stock.

Garrett Motion Stock Performance

Shares of GTX stock opened at $29.01 on Tuesday. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 0.79 and a beta of 0.82. Garrett Motion Inc. has a one year low of $12.26 and a one year high of $36.25. The company's 50-day simple moving average is $32.35 and its 200-day simple moving average is $25.42.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued its 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. The company had revenue of $976.00 million during the quarter. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.Garrett Motion's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 EPS. As a group, research analysts forecast that Garrett Motion Inc. will post 1.86 EPS for the current year.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion's dividend payout ratio is 17.58%.

Wall Street Analysts Forecast Growth

GTX has been the topic of several recent analyst reports. Royal Bank Of Canada set a $42.00 price target on Garrett Motion in a research note on Thursday, May 21st. JPMorgan Chase & Co. raised their price objective on Garrett Motion from $33.00 to $37.00 and gave the company an "overweight" rating in a research note on Monday. Weiss Ratings restated a "buy (b)" rating on shares of Garrett Motion in a report on Friday, July 24th. BWS Financial reaffirmed a "buy" rating and issued a $42.00 target price on shares of Garrett Motion in a research report on Thursday, July 30th. Finally, Stifel Nicolaus increased their target price on Garrett Motion from $29.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Garrett Motion presently has an average rating of "Moderate Buy" and a consensus target price of $38.60.

Insider Buying and Selling at Garrett Motion

In other news, Director Daniel A. Ninivaggi sold 17,178 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the transaction, the director directly owned 124,885 shares in the company, valued at approximately $3,898,909.70. This trade represents a 12.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 10,516 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $33.82, for a total value of $355,651.12. Following the transaction, the senior vice president directly owned 83,178 shares of the company's stock, valued at $2,813,079.96. This trade represents a 11.22% 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 have sold 213,834 shares of company stock valued at $6,918,710. Corporate insiders own 1.10% of the company's stock.

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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