New South Capital Management Inc. Sells 1,218,864 Shares of Garrett Motion Inc. $GTX

Key Points

• New South Capital Management cut its Garrett Motion stake by 42.2%, selling 1,218,864 shares in the third quarter; it retained 1,671,344 shares, valued at about $43.5 million.
• Analysts gave the stock a “Moderate Buy” consensus, with an average price target of $37; six analysts rated it Buy and two Hold.
• Garrett Motion reported quarterly EPS of $0.51, above the $0.45 consensus, on $930 million in revenue. It also declared a quarterly dividend of $0.08 per share.

New South Capital Management Inc. cut its stake in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 42.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,671,344 shares of the company's stock after selling 1,218,864 shares during the period. Garrett Motion accounts for about 3.0% of New South Capital Management Inc.'s investment portfolio, making the stock its 11th biggest holding. New South Capital Management Inc. owned 0.91% of Garrett Motion worth $43,505,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Garrett Motion during the 2nd quarter worth approximately $461,794,000. William Blair Investment Management LLC acquired a new stake in shares of Garrett Motion in the 2nd quarter valued at approximately $117,127,000. Dimensional Fund Advisors LP boosted its holdings in shares of Garrett Motion by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,504,855 shares of the company's stock valued at $63,677,000 after buying an additional 237,508 shares during the last quarter. Copeland Capital Management LLC grew its stake in shares of Garrett Motion by 302.7% in the third quarter. Copeland Capital Management LLC now owns 2,227,662 shares of the company's stock valued at $57,986,000 after buying an additional 1,674,435 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Garrett Motion by 367.3% in the third quarter. Assenagon Asset Management S.A. now owns 2,190,064 shares of the company's stock valued at $57,007,000 after buying an additional 1,721,418 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GTX shares. Deutsche Bank upgraded shares of Garrett Motion from a "hold" rating to a "buy" rating and boosted their target price for the stock from $33.00 to $36.00 in a report on Thursday, July 30th. Freedom Broker upgraded shares of Garrett Motion from a "hold" rating to a "buy" rating and cut their price target for the company from $34.00 to $31.00 in a research note on Friday, October 30th. Weiss Ratings lowered shares of Garrett Motion from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, October 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Garrett Motion from $37.00 to $35.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 15th. Finally, Wall Street Zen cut shares of Garrett Motion from a "buy" rating to a "hold" rating in a report on Saturday, October 3rd. Six 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, the stock has an average rating of "Moderate Buy" and an average price target of $37.00.

Insider Buying and Selling

In other Garrett Motion news, SVP Daniel Deiro sold 30,000 shares of Garrett Motion stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $26.70, for a total transaction of $801,000.00. Following the completion of the transaction, the senior vice president directly owned 133,783 shares of the company's stock, valued at $3,572,006.10. The trade was a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by company insiders.

Garrett Motion Stock Up 1.5%

GTX opened at $21.00 on Thursday. Garrett Motion Inc. has a 12-month low of $15.54 and a 12-month high of $36.25. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 0.58 and a beta of 0.95. The business has a 50 day moving average of $24.53 and a 200-day moving average of $25.41.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.06. The business had revenue of $930.00 million for the quarter. Garrett Motion had a negative return on equity of 52.43% and a net margin of 9.97%. The firm's revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 earnings per share. As a group, analysts expect that Garrett Motion Inc. will post 1.88 earnings per share for the current year.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, December 1st. Garrett Motion's payout ratio is 16.41%.

Garrett Motion Company Profile

Garrett Motion designs and manufactures automotive technologies focused on improving vehicle performance, fuel efficiency and emissions. Its products include turbochargers for passenger vehicles and commercial vehicles, along with electric boosting technologies that support conventional, hybrid and electric powertrains. The company also develops technologies for zero-emission applications, including compressors for hydrogen fuel-cell systems. Its products and engineering services are used by automakers and commercial-vehicle manufacturers around the world.

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