Wesbanco Bank Inc. Purchases 45,000 Shares of Garrett Motion Inc. $GTX

Key Points

• Wesbanco Bank increased its Garrett Motion stake by 75% in the fourth quarter, buying 45,000 more shares and bringing its total holding to 105,034 shares worth about $1.83 million.
• Garrett Motion reported stronger-than-expected quarterly results, with EPS of $0.49 versus the $0.43 estimate and revenue of $985 million, up 12.2% year over year.
• Analysts remain cautiously positive: the stock carries a Moderate Buy rating with a consensus target of $22.80, while Garrett Motion also announced a quarterly dividend of $0.08 per share.

Wesbanco Bank Inc. raised its position in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 75.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,034 shares of the company's stock after acquiring an additional 45,000 shares during the period. Wesbanco Bank Inc. owned approximately 0.05% of Garrett Motion worth $1,831,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. William Blair Investment Management LLC boosted its holdings in Garrett Motion by 51.0% during the third quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company's stock valued at $105,090,000 after acquiring an additional 2,605,296 shares during the period. Vanguard Group Inc. boosted its holdings in Garrett Motion by 5.6% during the fourth quarter. Vanguard Group Inc. now owns 4,424,546 shares of the company's stock valued at $77,120,000 after acquiring an additional 234,735 shares during the period. LSV Asset Management bought a new stake in Garrett Motion during the third quarter valued at about $58,247,000. Dimensional Fund Advisors LP raised its position in shares of Garrett Motion by 2.3% during the third quarter. Dimensional Fund Advisors LP now owns 3,186,089 shares of the company's stock valued at $43,390,000 after buying an additional 70,155 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in shares of Garrett Motion in the third quarter valued at about $40,590,000. 86.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Freedom Capital cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. BWS Financial increased their target price on shares of Garrett Motion from $22.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, Weiss Ratings assumed coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They issued a "buy (b)" rating for the company. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.80.

Garrett Motion Stock Up 7.3%

NASDAQ:GTX opened at $29.00 on Friday. Garrett Motion Inc. has a 12-month low of $9.57 and a 12-month high of $29.18. The firm has a market capitalization of $5.43 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 0.96 and a beta of 0.70. The firm has a 50-day moving average price of $19.52 and a 200 day moving average price of $18.27.

Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its quarterly earnings results 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. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm had revenue of $985.00 million during the quarter, compared to analyst estimates of $917.23 million. The company's revenue for the quarter was up 12.2% compared to the same quarter last year. On average, research analysts expect that Garrett Motion Inc. will post 1.83 EPS for the current year.

Garrett Motion Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.1%. Garrett Motion's dividend payout ratio (DPR) is presently 18.71%.

Insider Transactions at Garrett Motion

In other news, SVP Daniel Deiro sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $20.29, for a total transaction of $405,800.00. Following the completion of the sale, the senior vice president owned 160,994 shares of the company's stock, valued at approximately $3,266,568.26. This trade represents a 11.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Julia Steyn sold 17,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total transaction of $337,620.00. Following the sale, the director directly owned 50,233 shares of the company's stock, valued at approximately $997,627.38. The trade was a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 337,000 shares of company stock valued at $6,839,290. Corporate insiders own 1.10% of the company's stock.

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.

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