Swiss National Bank Acquires 63,800 Shares of Garrett Motion Inc. $GTX

Key Points

• Swiss National Bank increased its Garrett Motion stake by 22.9% in the first quarter, adding 63,800 shares for a total of 341,900 shares valued at approximately $6.2 million. Institutional investors collectively own 86.27% of the company.
• Garrett Motion reported quarterly EPS of $0.49, exceeding estimates of $0.43, while revenue rose 12.2% year over year to $985 million. The company also pays a quarterly dividend of $0.08 per share, implying a 1.1% yield.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $35.40 versus the stock’s reported price of $29.92. However, company insiders sold 213,834 shares worth approximately $6.9 million during the latest quarter.

Swiss National Bank boosted its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 22.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 341,900 shares of the company's stock after acquiring an additional 63,800 shares during the period. Swiss National Bank owned 0.18% of Garrett Motion worth $6,212,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Baron Wealth Management LLC increased its stake in shares of Garrett Motion by 3.3% during the first quarter. Baron Wealth Management LLC now owns 27,324 shares of the company's stock valued at $496,000 after purchasing an additional 878 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Garrett Motion by 156.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company's stock valued at $28,000 after purchasing an additional 970 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of Garrett Motion by 2.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company's stock worth $707,000 after purchasing an additional 995 shares in the last quarter. Spire Wealth Management boosted its position in shares of Garrett Motion by 971.2% in the 4th quarter. Spire Wealth Management now owns 1,489 shares of the company's stock worth $26,000 after purchasing an additional 1,350 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Garrett Motion by 10.6% in the 1st quarter. Blue Trust Inc. now owns 14,345 shares of the company's stock worth $261,000 after buying an additional 1,376 shares during the last quarter. Institutional investors own 86.27% of the company's stock.

Garrett Motion Stock Performance

Shares of NASDAQ GTX opened at $29.92 on Wednesday. The firm's 50 day moving average price is $32.78 and its 200-day moving average price is $24.67. The company has a market cap of $5.60 billion, a PE ratio of 17.50, a P/E/G ratio of 0.91 and a beta of 0.78. Garrett Motion Inc. has a 52-week low of $12.26 and a 52-week high of $36.25.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.06. The firm had revenue of $985.00 million for the quarter, compared to analysts' expectations of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The business's revenue was up 12.2% on a year-over-year basis. On average, analysts forecast that Garrett Motion Inc. will post 1.81 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.1%. The ex-dividend date was Monday, June 1st. Garrett Motion's dividend payout ratio (DPR) is currently 18.71%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. BWS Financial reaffirmed a "buy" rating and set a $42.00 price objective on shares of Garrett Motion in a research report on Monday, July 6th. Freedom Capital downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Stifel Nicolaus increased their target price on Garrett Motion from $29.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a research note on Thursday, May 21st. Finally, JPMorgan Chase & Co. raised their price target on Garrett Motion from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, May 14th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Garrett Motion presently has an average rating of "Moderate Buy" and a consensus target price of $35.40.

Insiders Place Their Bets

In other Garrett Motion news, SVP Thierry Mabru sold 70,000 shares of Garrett Motion stock in a transaction on Friday, May 29th. The stock was sold at an average price of $33.00, for a total value of $2,310,000.00. Following the completion of the sale, the senior vice president owned 147,956 shares of the company's stock, valued at approximately $4,882,548. This trade represents a 32.12% decrease in their position. 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, CFO Sean Deason sold 110,000 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $31.93, for a total value of $3,512,300.00. Following the completion of the transaction, the chief financial officer owned 261,909 shares of the company's stock, valued at $8,362,754.37. This represents a 29.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 213,834 shares of company stock valued at $6,918,710. 1.10% of the stock is currently owned by company insiders.

Garrett Motion 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.