Pacer Advisors Inc. Reduces Holdings in Garrett Motion Inc. $GTX

Key Points

• Pacer Advisors cut its Garrett Motion stake by 25.3% in the fourth quarter, selling 288,591 shares and ending with 849,984 shares valued at about $14.8 million.
• Insiders also sold shares: CFO Sean Deason sold 110,000 shares and SVP Mark Albert Rodrigues sold 10,516 shares, both through pre-arranged Rule 10b5-1 trading plans.
• Analysts remain mostly upbeat, with several firms raising targets and MarketBeat reporting a consensus Moderate Buy rating and average price target of $31.83; the stock recently traded above that level after strong quarterly results and a dividend announcement.

Pacer Advisors Inc. lowered its stake in Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 25.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 849,984 shares of the company's stock after selling 288,591 shares during the quarter. Pacer Advisors Inc. owned approximately 0.45% of Garrett Motion worth $14,815,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Invesco Ltd. grew its holdings in Garrett Motion by 79.2% during the 4th quarter. Invesco Ltd. now owns 492,557 shares of the company's stock valued at $8,585,000 after buying an additional 217,734 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Garrett Motion in the fourth quarter worth $293,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Garrett Motion in the fourth quarter worth $180,383,000. Empowered Funds LLC purchased a new stake in shares of Garrett Motion in the fourth quarter valued at $1,697,000. Finally, XTX Topco Ltd lifted its position in shares of Garrett Motion by 12.0% in the fourth quarter. XTX Topco Ltd now owns 105,827 shares of the company's stock valued at $1,845,000 after acquiring an additional 11,327 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company's stock.

Insider Activity at Garrett Motion

In related news, SVP Mark Albert Rodrigues sold 10,516 shares of the business's 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 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 transaction, the chief financial officer directly owned 261,909 shares of the company's stock, valued at $8,362,754.37. This trade represents a 29.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 207,694 shares of company stock worth $6,714,248. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on GTX. JPMorgan Chase & Co. increased their price objective on Garrett Motion from $30.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, May 14th. BWS Financial upped their target price on shares of Garrett Motion from $32.00 to $42.00 and gave the company a "buy" rating in a report on Thursday, May 21st. Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a research note on Thursday, May 21st. Zacks Research upgraded shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a report on Friday, May 22nd. Finally, Stifel Nicolaus boosted their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Garrett Motion has a consensus rating of "Moderate Buy" and an average price target of $31.83.

Garrett Motion Price Performance

GTX stock opened at $34.32 on Friday. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 20.07, a price-to-earnings-growth ratio of 1.08 and a beta of 0.79. Garrett Motion Inc. has a 52-week low of $9.57 and a 52-week high of $35.06. The stock's fifty day simple moving average is $28.12 and its 200-day simple moving average is $21.71.

Garrett Motion (NASDAQ:GTX - Get Free Report) last released its earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.43 by $0.06. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The firm had revenue of $985.00 million during the quarter, compared to analyst estimates of $917.23 million. The firm's revenue was up 12.2% compared to the same quarter last year. As a group, analysts anticipate that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders 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 annualized dividend and a yield of 0.9%. Garrett Motion's payout ratio is 18.71%.

About Garrett Motion

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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