Garrett Motion Inc. $GTX Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Garrett Motion stake by 66.5% in the first quarter, selling 673,500 shares and retaining 338,900 shares worth approximately $6.16 million. Institutional investors and hedge funds collectively own 86.27% of the company.
• Analyst sentiment remains moderately positive, with five Buy ratings and two Hold ratings. Garrett Motion has a consensus target price of $37.80, while Deutsche Bank recently upgraded the stock to Buy and raised its target to $36.
• Garrett Motion exceeded quarterly earnings expectations, reporting $0.53 in EPS versus the $0.46 consensus estimate and revenue of $976 million, up 6.9% year over year. The company also declared a quarterly dividend of $0.08 per share, representing a 1.0% annualized yield.

Renaissance Technologies LLC lowered its stake in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 66.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 338,900 shares of the company's stock after selling 673,500 shares during the period. Renaissance Technologies LLC owned approximately 0.18% of Garrett Motion worth $6,158,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Jones Financial Companies Lllp bought a new stake in shares of Garrett Motion during the 1st quarter worth $42,000. Jane Street Group LLC raised its position in shares of Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company's stock worth $761,000 after purchasing an additional 78,661 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Garrett Motion during the second quarter worth $121,000. Legal & General Group Plc lifted its holdings in shares of Garrett Motion by 30.4% during 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 last quarter. Finally, Prudential Financial Inc. purchased a new stake in shares of Garrett Motion during the second quarter valued at $225,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GTX shares. Freedom Capital cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Wall Street Zen cut shares of Garrett Motion from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 18th. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a report on Thursday, May 21st. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a "hold" rating to a "buy" rating and upped their price target for the company from $33.00 to $36.00 in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Garrett Motion currently has an average rating of "Moderate Buy" and a consensus target price of $37.80.

Insider Activity at Garrett Motion

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of Garrett Motion stock in a transaction on 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 sale, the chief financial officer owned 261,909 shares of the company's stock, valued at $8,362,754.37. This trade represents a 29.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the business's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the transaction, the director owned 124,885 shares in the company, valued at approximately $3,898,909.70. This represents a 12.09% 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. Over the last ninety days, insiders sold 213,834 shares of company stock valued at $6,918,710. Company insiders own 1.10% of the company's stock.

Garrett Motion Trading Up 2.7%

Shares of Garrett Motion stock opened at $31.43 on Wednesday. The stock has a 50-day moving average price of $32.55 and a 200 day moving average price of $25.09. The company has a market cap of $5.86 billion, a P/E ratio of 17.27, a P/E/G ratio of 0.81 and a beta of 0.82. Garrett Motion Inc. has a 1 year low of $12.26 and a 1 year high of $36.25.

Garrett Motion (NASDAQ:GTX - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.07. The company had revenue of $976.00 million for the quarter. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The company's revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $0.42 EPS. On average, equities analysts forecast that Garrett Motion Inc. will post 1.86 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.32 dividend on an annualized basis and a yield of 1.0%. Garrett Motion's payout ratio is presently 17.58%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source