GW&K Investment Management LLC Has $30.62 Million Stake in Garrett Motion Inc. $GTX

Key Points

• GW&K Investment Management reduced its Garrett Motion stake by 11.8% in the fourth quarter, but still held 1.76 million shares valued at about $30.6 million. Institutional ownership remains high, with hedge funds and other institutions owning 86.27% of the stock.
• Garrett Motion’s latest quarterly results topped expectations, reporting $0.49 EPS versus $0.43 expected and $985 million in revenue, up 12.2% year over year. The company also has a 1.0% dividend yield after declaring a quarterly payout of $0.08 per share.
• Analysts are mixed but generally constructive: the stock has an average rating of “Moderate Buy” with a mean price target of $31.83. Insider selling was also notable, including recent sales by an SVP and a director under Rule 10b5-1 plans.

GW&K Investment Management LLC trimmed its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 11.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,756,689 shares of the company's stock after selling 235,169 shares during the quarter. GW&K Investment Management LLC owned about 0.90% of Garrett Motion worth $30,619,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in Garrett Motion by 45.1% during the third quarter. JPMorgan Chase & Co. now owns 1,705,484 shares of the company's stock valued at $23,229,000 after acquiring an additional 529,949 shares during the period. Comerica Bank boosted its holdings in Garrett Motion by 22.0% during the fourth quarter. Comerica Bank now owns 251,371 shares of the company's stock valued at $4,381,000 after acquiring an additional 45,370 shares during the period. Wesbanco Bank Inc. boosted its holdings in Garrett Motion by 75.0% during the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company's stock valued at $1,831,000 after acquiring an additional 45,000 shares during the period. Yorkville Advisors Global LP bought a new stake in Garrett Motion during the third quarter valued at about $11,168,000. Finally, Leuthold Group LLC bought a new stake in Garrett Motion during the 3rd quarter valued at approximately $3,331,000. 86.27% of the stock is owned by institutional investors and hedge funds.

Garrett Motion Stock Down 2.5%

Shares of GTX stock opened at $31.98 on Thursday. Garrett Motion Inc. has a 12 month low of $9.57 and a 12 month high of $34.34. The firm has a market cap of $5.99 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 1.03 and a beta of 0.79. The stock has a 50 day moving average of $25.94 and a 200-day moving average of $20.88.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating the consensus estimate 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 negative return on equity of 42.77% and a net margin of 9.29%.The company's revenue for the quarter was up 12.2% on a year-over-year basis. As a group, equities analysts predict that Garrett Motion Inc. will post 1.83 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.32 annualized dividend and a yield of 1.0%. Garrett Motion's dividend payout ratio is 18.71%.

Analysts Set New Price Targets

Several brokerages recently weighed in on GTX. Weiss Ratings began coverage on Garrett Motion in a research note on Wednesday, April 29th. They set a "buy (b)" rating for the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $24.00 price target on shares of Garrett Motion in a report on Friday, May 1st. Freedom Capital lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. BWS Financial upped their price target on Garrett Motion from $32.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. Finally, Royal Bank Of Canada set a $42.00 price target on Garrett Motion in a report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Garrett Motion currently has an average rating of "Moderate Buy" and an average price target of $31.83.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, SVP Thierry Mabru sold 70,000 shares of the company's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $33.00, for a total value of $2,310,000.00. Following the completion of the transaction, the senior vice president owned 147,956 shares of the company's stock, valued at $4,882,548. This represents a 32.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the transaction, the director directly owned 124,885 shares of the company's stock, valued at approximately $3,898,909.70. This trade 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 sold a total of 197,178 shares of company stock valued at $6,358,597 in the last quarter. 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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