State of Wyoming Makes New $2.43 Million Investment in Garrett Motion Inc. $GTX

Key Points

• Wyoming purchased a new $2.43 million stake in Garrett Motion during the second quarter, while institutional investors collectively own 86.27% of the company.
• Garrett Motion reported quarterly EPS of $0.53, exceeding analysts’ $0.46 estimate, with revenue rising 6.9% year over year to $976 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $38.60, while the company declared a quarterly dividend of $0.08 per share.

State of Wyoming purchased a new position in Garrett Motion Inc. (NASDAQ:GTX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 67,070 shares of the company's stock, valued at approximately $2,430,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. bought a new stake in Garrett Motion in the 4th quarter worth about $180,383,000. Arrowstreet Capital Limited Partnership lifted its stake 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 valued at $89,580,000 after acquiring an additional 3,241,952 shares during the period. Merewether Investment Management LP purchased a new stake in shares of Garrett Motion during the 3rd quarter valued at about $40,590,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Garrett Motion during the 3rd quarter valued at about $36,539,000. Finally, Apis Capital Advisors LLC grew its stake in shares of Garrett Motion by 1,492.9% in the fourth quarter. Apis Capital Advisors LLC now owns 2,230,000 shares of the company's stock worth $38,869,000 after acquiring an additional 2,090,000 shares during the period. 86.27% of the stock is owned by institutional investors.

Garrett Motion Stock Up 1.1%

NASDAQ GTX opened at $29.00 on Friday. The company has a 50-day moving average price of $32.10 and a 200-day moving average price of $25.68. Garrett Motion Inc. has a 52 week low of $12.26 and a 52 week high of $36.25. The firm has a market capitalization of $5.41 billion, a P/E ratio of 15.93, a PEG ratio of 0.74 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.07. The company had revenue of $976.00 million for the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS. As a group, equities research analysts anticipate that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.08 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.32 annualized dividend and a yield of 1.1%. Garrett Motion's dividend payout ratio (DPR) is presently 17.58%.

Wall Street Analysts Forecast Growth

GTX has been the topic of a number of research analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Garrett Motion in a research report on Friday, July 24th. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Freedom Capital lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. increased their price target on Garrett Motion from $33.00 to $37.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Finally, BWS Financial reaffirmed a "buy" rating and issued a $42.00 price objective on shares of Garrett Motion in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.60.

Insider Transactions at Garrett Motion

In other news, SVP Mark Albert Rodrigues sold 10,516 shares of Garrett Motion stock in a transaction on Friday, June 12th. The shares were sold at an average price of $33.82, for a total transaction of $355,651.12. Following the transaction, the senior vice president owned 83,178 shares in the company, valued at $2,813,079.96. This trade represents a 11.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the sale, the chief financial officer directly owned 261,909 shares of the company's stock, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their position. 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. Insiders have sold 196,656 shares of company stock worth $6,382,413 in the last 90 days. 1.10% of the stock is currently owned by insiders.

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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