Jupiter Topco LLC Acquires New Holdings in Garrett Motion Inc. $GTX

Key Points

• Jupiter Topco LLC acquired 78,600 Garrett Motion shares worth approximately $2.85 million in the second quarter. Institutional investors collectively own 86.27% of GTX, with BlackRock and other major funds also building positions.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $38.60. Garrett Motion also exceeded quarterly EPS expectations, reporting $0.53 versus the $0.46 estimate, while revenue rose 6.9% year over year to $976 million.
• The company announced a quarterly dividend of $0.08 per share, equivalent to an annualized $0.32 payout and a 1.2% yield. However, insiders sold 126,656 shares worth about $4.07 million over the past 90 days.

Jupiter Topco LLC acquired a new position in Garrett Motion Inc. (NASDAQ:GTX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 78,600 shares of the company's stock, valued at approximately $2,847,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GTX. BlackRock Inc. acquired a new position in Garrett Motion during the 2nd quarter valued at about $461,794,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Garrett Motion in the 4th quarter worth approximately $180,383,000. LSV Asset Management lifted its stake in shares of Garrett Motion by 45.8% in the 4th quarter. LSV Asset Management now owns 6,235,408 shares of the company's stock worth $108,683,000 after acquiring an additional 1,958,808 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Garrett Motion by 170.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company's stock valued at $89,580,000 after acquiring an additional 3,241,952 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Garrett Motion by 85.9% in the fourth quarter. Marshall Wace LLP now owns 4,473,196 shares of the company's stock valued at $77,968,000 after acquiring an additional 2,067,264 shares in the last quarter. Institutional investors own 86.27% of the company's stock.

Wall Street Analysts Forecast Growth

GTX has been the topic of a number of research analyst reports. Royal Bank Of Canada set a $42.00 price objective on shares of Garrett Motion in a research note on Thursday, May 21st. Zacks Research downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. JPMorgan Chase & Co. increased their price target on Garrett Motion from $33.00 to $37.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Wall Street Zen cut Garrett Motion from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Garrett Motion in a research note on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.60.

Garrett Motion Trading Up 1.5%

Shares of NASDAQ GTX opened at $27.01 on Thursday. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25. The firm has a 50-day moving average of $30.37 and a two-hundred day moving average of $26.47. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 0.68 and a beta of 0.79.

Garrett Motion (NASDAQ:GTX - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.07. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The company had revenue of $976.00 million for the quarter. During the same period in the prior year, the firm earned $0.42 EPS. The business's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, research analysts predict that Garrett Motion Inc. will post 1.91 earnings per share for the current year.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, September 1st. Garrett Motion's dividend payout ratio (DPR) is presently 17.58%.

Insider Activity at Garrett Motion

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 10,516 shares of Garrett Motion 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 transaction, the senior vice president owned 83,178 shares in the company, valued at approximately $2,813,079.96. The trade was a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the completion of the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at $8,362,754.37. This represents a 29.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 126,656 shares of company stock worth $4,072,413. 1.10% of the stock is currently owned by company insiders.

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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