Weiss Asset Management LP Takes Position in Garrett Motion Inc. $GTX

Key Points

• Weiss Asset Management acquired 79,400 Garrett Motion shares in the first quarter, valued at approximately $1.44 million. Institutional investors and hedge funds collectively own 86.27% of the company.
• Garrett Motion insiders sold 213,834 shares worth about $6.92 million over the past three months, including significant sales by the CFO and a senior vice president under pre-arranged trading plans.
• The company exceeded first-quarter expectations with adjusted EPS of $0.49 versus a $0.43 consensus and revenue of $985 million, up 12.2% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $35.40.

Weiss Asset Management LP bought a new position in Garrett Motion Inc. (NASDAQ:GTX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 79,400 shares of the company's stock, valued at approximately $1,443,000.

Other hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its position in Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company's stock valued at $25,000 after buying an additional 1,422 shares in the last quarter. Spire Wealth Management grew its stake in Garrett Motion by 971.2% during the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company's stock worth $26,000 after buying an additional 1,350 shares during the last quarter. Global Retirement Partners LLC increased 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 worth $28,000 after buying an additional 970 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company's stock valued at $30,000 after acquiring an additional 1,593 shares during the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion in the 1st quarter worth approximately $42,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Insider Transactions at Garrett Motion

In related news, 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 value of $2,310,000.00. Following the transaction, the senior vice president owned 147,956 shares in the company, valued at $4,882,548. This trade represents a 32.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 firm's stock in a transaction dated Friday, June 5th. The shares were 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 in the company, valued at approximately $8,362,754.37. This 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. Over the last three months, insiders sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is owned by insiders.

Garrett Motion Price Performance

Shares of Garrett Motion stock opened at $30.80 on Tuesday. The firm has a market cap of $5.77 billion, a P/E ratio of 18.01, a P/E/G ratio of 0.93 and a beta of 0.78. The firm has a 50 day simple moving average of $32.78 and a 200 day simple moving average of $24.59. Garrett Motion Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $36.25.

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

Garrett Motion Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.08 per share. The ex-dividend date was Monday, June 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.0%. Garrett Motion's payout ratio is presently 18.71%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. BWS Financial restated a "buy" rating and set a $42.00 price target on shares of Garrett Motion in a research report on Monday, July 6th. Stifel Nicolaus boosted their price objective 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 report on Thursday, May 21st. Zacks Research lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Freedom Capital cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $35.40.

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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