Garrett Motion Inc. $GTX Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments boosted its stake in Garrett Motion by 15.1% in the first quarter, ending with 1,339,741 shares worth about $24.9 million.
• Garrett Motion’s insiders have been selling shares recently, including CFO Sean Deason and SVP Mark Albert Rodrigues, with $6.9 million in insider sales over the last three months.
• The company reported better-than-expected Q1 earnings of $0.49 per share on revenue of $985 million, and analysts currently have a Moderate Buy consensus with a target price of $35.40.

Allspring Global Investments Holdings LLC raised its position in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 15.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,339,741 shares of the company's stock after purchasing an additional 176,184 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.72% of Garrett Motion worth $24,919,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion during the 1st quarter valued at $42,000. Jane Street Group LLC increased its holdings in Garrett Motion by 641.7% in the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company's stock valued at $761,000 after purchasing an additional 78,661 shares in the last quarter. Cetera Investment Advisers acquired a new stake in Garrett Motion in the 2nd quarter valued at $121,000. Legal & General Group Plc raised its position in Garrett Motion by 30.4% in the second quarter. Legal & General Group Plc now owns 97,486 shares of the company's stock valued at $1,024,000 after purchasing an additional 22,727 shares during the period. Finally, Prudential Financial Inc. purchased a new position in Garrett Motion in the second quarter valued at about $225,000. 86.27% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Garrett Motion 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 completion of the transaction, the chief financial officer directly owned 261,909 shares of the company's stock, valued at $8,362,754.37. The trade was a 29.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the company's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the transaction, the senior vice president owned 77,038 shares of the company's stock, valued at approximately $2,565,365.40. This trade represents a 7.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 213,834 shares of company stock valued at $6,918,710 over the last three months. Corporate insiders own 1.10% of the company's stock.

Garrett Motion Stock Performance

Shares of Garrett Motion stock opened at $31.34 on Tuesday. Garrett Motion Inc. has a 1 year low of $11.43 and a 1 year high of $36.25. The firm's 50-day simple moving average is $32.70 and its 200-day simple moving average is $24.10. The firm has a market cap of $5.87 billion, a PE ratio of 18.33, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.06. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $917.23 million. The company's quarterly revenue was up 12.2% on a year-over-year basis. On average, equities analysts predict that Garrett Motion Inc. will post 1.82 earnings per share for the current year.

Garrett Motion Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research report on Thursday, May 21st. BWS Financial reaffirmed a "buy" rating and set a $42.00 price target on shares of Garrett Motion in a report on Monday, July 6th. Freedom Capital downgraded shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $24.00 price objective on shares of Garrett Motion in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Garrett Motion from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, May 14th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.40.

Garrett Motion Company 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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