Garrett Motion Inc. $GTX Stock: Assenagon Asset Management S.A. Boosts Holdings

Key Points

• Assenagon Asset Management increased its Garrett Motion stake by 367.3% in the third quarter, acquiring 1.72 million additional shares and bringing its holdings to 2.19 million shares worth approximately $57 million. Institutional investors collectively own 86.27% of GTX.
• Analyst sentiment remains generally positive, with five Buy ratings and two Hold ratings, an overall “Moderate Buy” consensus, and an average price target of $38.20. However, Wall Street Zen and Zacks Research recently downgraded the stock to Hold.
• Garrett Motion reported quarterly EPS of $0.53, beating estimates of $0.46, while revenue rose 6.9% year over year to $976 million. The company also maintains a quarterly dividend of $0.08, equivalent to a 1.3% yield.

Assenagon Asset Management S.A. boosted its stake in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 367.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,190,064 shares of the company's stock after purchasing an additional 1,721,418 shares during the period. Assenagon Asset Management S.A. owned about 1.17% of Garrett Motion worth $57,007,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of GTX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Garrett Motion by 54.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 398,397 shares of the company's stock worth $14,434,000 after acquiring an additional 140,254 shares in the last quarter. Castleark Management LLC acquired a new stake in shares of Garrett Motion in the 2nd quarter worth about $17,009,000. Jupiter Topco LLC bought a new position in Garrett Motion in the 2nd quarter valued at about $2,847,000. Bank of America Corp DE bought a new position in Garrett Motion in the 2nd quarter valued at about $45,490,000. Finally, The Manufacturers Life Insurance Company bought a new position in Garrett Motion in the 2nd quarter valued at about $3,429,000. 86.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GTX. Wall Street Zen downgraded Garrett Motion from a "buy" rating to a "hold" rating in a report on Saturday, October 3rd. BWS Financial reissued a "buy" rating and issued a $42.00 price target on shares of Garrett Motion in a research report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a "hold" rating to a "buy" rating and raised their price objective for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. Weiss Ratings restated a "buy (b)" rating on shares of Garrett Motion in a research note on Friday, July 24th. Finally, Zacks Research downgraded shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, October 12th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Garrett Motion has an average rating of "Moderate Buy" and an average target price of $38.20.

Insiders Place Their Bets

In other Garrett Motion news, SVP Daniel Deiro sold 30,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $26.70, for a total value of $801,000.00. Following the completion of the transaction, the senior vice president owned 133,783 shares in the company, valued at $3,572,006.10. This represents a 18.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.10% of the company's stock.

Garrett Motion Price Performance

Garrett Motion stock opened at $24.44 on Friday. Garrett Motion Inc. has a 52 week low of $12.26 and a 52 week high of $36.25. The company's 50 day moving average price is $26.73 and its two-hundred day moving average price is $28.07. The stock has a market cap of $4.56 billion, a P/E ratio of 13.43, a P/E/G ratio of 0.63 and a beta of 0.83.

Garrett Motion (NASDAQ:GTX - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, beating 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%. The business's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.42 earnings per share. On average, equities analysts anticipate that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.32 annualized dividend and a yield of 1.3%. Garrett Motion's payout ratio is currently 17.58%.

About Garrett Motion

Garrett Motion Inc is an automotive technology company that develops and manufactures solutions designed to improve vehicle performance, fuel efficiency, emissions control and electrification. Its products serve passenger cars, commercial vehicles and off-highway applications, as well as the automotive aftermarket and motorsports sectors.

The company is best known for its turbochargers and related boosting technologies, which help internal-combustion engines produce power more efficiently.

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