William Blair Investment Management LLC Cuts Stake in Garrett Motion Inc. $GTX

Key Points

• William Blair Investment Management reduced its stake in Garrett Motion by 21.5% in the fourth quarter, selling 1.66 million shares. It still held about 6.06 million shares, worth roughly $105.6 million, or 3.12% of the company.
• Garrett Motion has seen mixed analyst sentiment: some firms raised price targets, while others kept or lowered ratings. Overall, the stock currently carries a Moderate Buy consensus with a target price of $31.83.
• The company reported better-than-expected first-quarter results, with EPS of $0.49 and revenue of $985 million, and it also announced a quarterly dividend of $0.08 per share. Shares recently traded near $33.29, close to the stock’s 52-week high.

William Blair Investment Management LLC lowered its position in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 21.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,059,287 shares of the company's stock after selling 1,656,537 shares during the period. William Blair Investment Management LLC owned about 3.12% of Garrett Motion worth $105,613,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GTX. Cullen Frost Bankers Inc. grew its stake 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 purchasing an additional 1,422 shares during the last quarter. Spire Wealth Management grew its stake in Garrett Motion by 971.2% in the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company's stock valued at $26,000 after purchasing an additional 1,350 shares during the last quarter. Global Retirement Partners LLC grew its stake in Garrett Motion by 156.7% in 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. TD Waterhouse Canada Inc. grew its stake in 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 purchasing an additional 1,593 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Garrett Motion by 361.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company's stock valued at $49,000 after purchasing an additional 2,210 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GTX. Freedom Capital lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. raised their price target on Garrett Motion from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $24.00 price target on shares of Garrett Motion in a report on Friday, May 1st. BWS Financial raised their price target on Garrett Motion from $32.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Royal Bank Of Canada set a $42.00 price target on Garrett Motion in a report on Thursday. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.83.

Insiders Place Their Bets

In other news, Director Julia Steyn sold 17,000 shares of the business'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 value of $337,620.00. Following the completion of the sale, the director directly owned 50,233 shares in the company, valued at $997,627.38. The trade was a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the sale, the director owned 124,885 shares of the company's stock, valued at $3,898,909.70. This trade represents a 12.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 354,178 shares of company stock valued at $7,375,587 over the last ninety days. 1.10% of the stock is owned by corporate insiders.

Garrett Motion Trading Up 0.2%

Shares of GTX stock opened at $33.29 on Friday. The stock has a 50 day moving average of $22.06 and a 200 day moving average of $19.43. The stock has a market cap of $6.23 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.11 and a beta of 0.70. Garrett Motion Inc. has a twelve month low of $9.57 and a twelve month high of $34.34.

Garrett Motion (NASDAQ:GTX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.06. The company had revenue of $985.00 million during the quarter, compared to analysts' expectations of $917.23 million. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The firm's quarterly revenue was up 12.2% on a year-over-year basis. On average, research analysts predict that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, June 1st. Garrett Motion's dividend payout ratio (DPR) is currently 18.71%.

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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