Neo Ivy Capital Management Takes $811,000 Position in Garrett Motion Inc. $GTX

Key Points

• Neo Ivy Capital Management opened a new position in Garrett Motion, buying 59,514 shares valued at ~$811,000 in the third quarter.
• Corporate insiders have been net sellers recently: CEO Olivier Rabiller sold 144,000 shares (~$2.93M), and insiders sold a total of 337,000 shares (~$6.84M) over the last three months, leaving insiders with about 0.83% ownership.
• Garrett Motion's board authorized a $250 million share buyback (up to ~7.7% of shares) and the company declared a quarterly dividend of $0.08 ($0.32 annual, ~1.7% yield).

Neo Ivy Capital Management acquired a new position in Garrett Motion Inc. (NYSE:GTX - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 59,514 shares of the company's stock, valued at approximately $811,000.

Several other large investors have also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp bought a new stake in shares of Garrett Motion during the first quarter valued at about $42,000. Tower Research Capital LLC TRC bought a new position in Garrett Motion in the 2nd quarter valued at about $45,000. Amalgamated Bank bought a new position in Garrett Motion in the 2nd quarter valued at about $46,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Garrett Motion during the 2nd quarter valued at about $61,000. Finally, Blue Trust Inc. increased its stake in Garrett Motion by 254.7% during the 3rd quarter. Blue Trust Inc. now owns 6,190 shares of the company's stock valued at $84,000 after buying an additional 4,445 shares during the period. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Garrett Motion news, CEO Olivier Rabiller sold 144,000 shares of the business's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $20.32, for a total value of $2,926,080.00. Following the completion of the sale, the chief executive officer owned 905,546 shares of the company's stock, valued at $18,400,694.72. The trade was a 13.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Julia Steyn sold 17,000 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total value of $337,620.00. Following the sale, the director directly owned 50,233 shares of the company's stock, valued at $997,627.38. The trade was a 25.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 337,000 shares of company stock worth $6,839,290. Corporate insiders own 0.83% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on GTX. Zacks Research downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 29th. JPMorgan Chase & Co. initiated coverage on Garrett Motion in a research note on Wednesday, December 17th. They issued an "overweight" rating and a $23.00 price objective on the stock. BWS Financial raised their target price on Garrett Motion from $18.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, December 12th. Finally, Stifel Nicolaus lifted their target price on Garrett Motion from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Tuesday, December 16th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.80.

Garrett Motion Stock Down 2.2%

Shares of NYSE:GTX opened at $18.46 on Friday. The company's fifty day moving average is $18.90 and its two-hundred day moving average is $16.39. The company has a market cap of $3.51 billion, a P/E ratio of 14.54 and a beta of 0.31. Garrett Motion Inc. has a 12-month low of $7.01 and a 12-month high of $21.42.

Garrett Motion (NYSE:GTX - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. The firm's revenue was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Garrett Motion Inc. will post 1.25 earnings per share for the current year.

Garrett Motion declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, December 3rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Garrett Motion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.08 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. Garrett Motion's dividend payout ratio is currently 21.05%.

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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