Hodges Capital Management Inc. Buys New Position in Garrett Motion Inc. $GTX

Hodges Capital Management Inc. bought a new position in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 204,400 shares of the company's stock, valued at approximately $3,714,000. Hodges Capital Management Inc. owned 0.11% of Garrett Motion as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. World Investment Advisors bought a new position in shares of Garrett Motion during the 1st quarter valued at about $193,000. Private Advisor Group LLC acquired a new position in shares of Garrett Motion in the 1st quarter worth approximately $1,222,000. Carmel Capital Management L.L.C. bought a new stake in shares of Garrett Motion in the 1st quarter worth approximately $5,719,000. Janney Montgomery Scott LLC raised its holdings in shares of Garrett Motion by 1.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 364,748 shares of the company's stock worth $6,627,000 after purchasing an additional 3,750 shares in the last quarter. Finally, 1492 Capital Management LLC acquired a new stake in Garrett Motion during the first quarter valued at approximately $338,000. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Stock Up 4.5%

GTX opened at $33.19 on Tuesday. The firm has a market capitalization of $6.21 billion, a P/E ratio of 19.41, a PEG ratio of 1.00 and a beta of 0.78. The stock has a fifty day moving average of $31.26 and a 200-day moving average of $23.08. Garrett Motion Inc. has a 12-month low of $10.71 and a 12-month high of $36.25.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued its quarterly earnings results 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. The business had revenue of $985.00 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 12.2% compared to the same quarter last year. On average, analysts expect that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

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

Insiders Place Their Bets

In other news, SVP Mark Albert Rodrigues sold 10,516 shares of the 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 completion of the sale, the senior vice president directly owned 83,178 shares of the company's stock, valued at $2,813,079.96. This represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the sale, the chief financial officer owned 261,909 shares of the company's stock, valued at approximately $8,362,754.37. This represents a 29.58% 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. Insiders have sold 213,834 shares of company stock worth $6,918,710 over the last quarter. Company insiders own 1.10% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. BWS Financial restated a "buy" rating and set a $42.00 target price on shares of Garrett Motion in a report on Monday. Freedom Capital cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Stifel Nicolaus upped their price target on Garrett Motion from $29.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Weiss Ratings initiated coverage on Garrett Motion in a research report on Wednesday, April 29th. They set a "buy (b)" rating for the company. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $24.00 price objective on shares of Garrett Motion in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.83.

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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