Norges Bank Purchases Shares of 1,677,371 Garrett Motion Inc. $GTX

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Garrett Motion, buying 1,677,371 shares worth about $29.2 million and ending with roughly 0.86% ownership of the company.
• Garrett Motion’s latest quarter beat expectations, reporting $0.49 EPS on $985 million in revenue, with revenue up 12.2% year over year.
• Several analysts remain constructive on the stock, with an average Moderate Buy rating and a consensus price target of $31.83, while insiders have recently sold shares and the company also announced a quarterly dividend of $0.08 per share.

Norges Bank acquired a new stake in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,677,371 shares of the company's stock, valued at approximately $29,237,000. Norges Bank owned about 0.86% of Garrett Motion at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Hillsdale Investment Management Inc. grew its stake in shares of Garrett Motion by 0.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 575,950 shares of the company's stock worth $10,039,000 after purchasing an additional 4,500 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of Garrett Motion by 9.8% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,110,335 shares of the company's stock valued at $19,353,000 after purchasing an additional 98,771 shares during the last quarter. Intech Investment Management LLC boosted its stake in Garrett Motion by 28.9% during the 4th quarter. Intech Investment Management LLC now owns 60,031 shares of the company's stock valued at $1,046,000 after purchasing an additional 13,472 shares during the last quarter. Geode Capital Management LLC boosted its stake in Garrett Motion by 10.9% during the 4th quarter. Geode Capital Management LLC now owns 3,881,043 shares of the company's stock valued at $67,655,000 after purchasing an additional 380,729 shares during the last quarter. Finally, Smead Capital Management Inc. purchased a new stake in Garrett Motion during the 4th quarter valued at $4,257,000. 86.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on GTX. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research note on Thursday, May 21st. JPMorgan Chase & Co. upped their target price on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, May 14th. Freedom Capital downgraded shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Weiss Ratings initiated coverage on shares of Garrett Motion in a report on Wednesday, April 29th. They set a "buy (b)" rating for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $24.00 price target on shares of Garrett Motion in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Garrett Motion has an average rating of "Moderate Buy" and an average target price of $31.83.

Insider Activity

In other news, SVP Thierry Mabru sold 70,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the transaction, the senior vice president directly owned 147,956 shares in the company, valued at approximately $4,882,548. This trade represents a 32.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the transaction, the director owned 124,885 shares in the company, valued at approximately $3,898,909.70. This represents a 12.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 197,178 shares of company stock worth $6,358,597. Corporate insiders own 1.10% of the company's stock.

Garrett Motion Price Performance

Garrett Motion stock opened at $32.81 on Wednesday. The firm has a market capitalization of $6.14 billion, a P/E ratio of 19.19, a price-to-earnings-growth ratio of 1.01 and a beta of 0.79. The company's 50-day moving average is $25.65 and its 200 day moving average is $20.77. Garrett Motion Inc. has a 1-year low of $9.57 and a 1-year high of $34.34.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued its earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, topping 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 net margin of 9.29% and a negative return on equity of 42.77%. Garrett Motion's quarterly revenue was up 12.2% compared to the same quarter last year. Research analysts anticipate that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.08 per share. The ex-dividend date is 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 (DPR) is currently 18.71%.

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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