Principal Financial Group Inc. Acquires 102,633 Shares of Garrett Motion Inc. $GTX

Key Points

• Principal Financial Group increased its Garrett Motion stake by 29.5% in the first quarter, adding 102,633 shares to own 450,934 shares valued at approximately $8.2 million. Institutional investors collectively own 86.27% of GTX.
• Garrett Motion insiders sold 213,834 shares worth about $6.9 million over the past 90 days, including two senior vice presidents’ sales conducted under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains a “Moderate Buy”, with four Buy and three Hold ratings and an average price target of $35.40. The company recently beat quarterly earnings and revenue estimates, reporting $0.49 EPS and $985 million in revenue.

Principal Financial Group Inc. raised its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 450,934 shares of the company's stock after buying an additional 102,633 shares during the period. Principal Financial Group Inc. owned about 0.24% of Garrett Motion worth $8,193,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Garrett Motion in the fourth quarter worth about $180,383,000. LSV Asset Management boosted its holdings in Garrett Motion by 45.8% during the 4th quarter. LSV Asset Management now owns 6,235,408 shares of the company's stock valued at $108,683,000 after acquiring an additional 1,958,808 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Garrett Motion by 170.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company's stock worth $89,580,000 after acquiring an additional 3,241,952 shares during the last quarter. Marshall Wace LLP increased its stake in Garrett Motion by 85.9% in the 4th quarter. Marshall Wace LLP now owns 4,473,196 shares of the company's stock worth $77,968,000 after purchasing an additional 2,067,264 shares during the period. Finally, Vanguard Group Inc. increased its stake in Garrett Motion by 5.6% in the 4th quarter. Vanguard Group Inc. now owns 4,424,546 shares of the company's stock worth $77,120,000 after purchasing an additional 234,735 shares during the period. 86.27% of the stock is owned by institutional investors.

Insider Activity at Garrett Motion

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 6,140 shares of the company's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total value of $204,462.00. Following the completion of the transaction, the senior vice president directly owned 77,038 shares in the company, valued at approximately $2,565,365.40. This represents a 7.38% decrease in their position. The sale 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, SVP Thierry Mabru sold 70,000 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the completion of the sale, the senior vice president directly owned 147,956 shares of the company's stock, valued at approximately $4,882,548. This represents a 32.12% decrease in their ownership of the stock. 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 ninety days, insiders have sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GTX. Stifel Nicolaus boosted their price objective on Garrett Motion from $29.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. BWS Financial reaffirmed a "buy" rating and issued a $42.00 target price on shares of Garrett Motion in a research note on Monday, July 6th. Freedom Capital lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Finally, Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a report on Thursday, May 21st. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $35.40.

Garrett Motion Price Performance

GTX opened at $31.51 on Monday. Garrett Motion Inc. has a one year low of $12.09 and a one year high of $36.25. The business has a 50 day simple moving average of $32.77 and a two-hundred day simple moving average of $24.50. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 0.93 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $917.23 million. Garrett Motion's quarterly revenue was up 12.2% on a year-over-year basis. As a group, sell-side analysts expect that Garrett Motion Inc. will post 1.81 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 dividend on an annualized basis and a yield of 1.0%. Garrett Motion's dividend payout ratio (DPR) is presently 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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