Garrett Motion Inc. $GTX is Oaktree Capital Management LP’s 3rd Largest Position

Oaktree Capital Management LP reduced its position in Garrett Motion Inc. (NYSE:GTX) by 16.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,894,816 shares of the company’s stock after selling 7,188,000 shares during the period. Garrett Motion accounts for about 6.7% of Oaktree Capital Management LP’s portfolio, making the stock its 3rd largest position. Oaktree Capital Management LP owned approximately 18.30% of Garrett Motion worth $387,765,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Jones Financial Companies Lllp purchased a new position in Garrett Motion in the first quarter worth $42,000. Amalgamated Bank acquired a new stake in shares of Garrett Motion in the 2nd quarter worth $46,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Garrett Motion by 4,655.8% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock worth $47,000 after purchasing an additional 4,423 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in Garrett Motion during the 2nd quarter worth $61,000. Finally, Deutsche Bank AG increased its position in Garrett Motion by 14.4% during the 1st quarter. Deutsche Bank AG now owns 9,383 shares of the company’s stock valued at $79,000 after buying an additional 1,181 shares in the last quarter. Institutional investors own 86.27% of the company’s stock.

Wall Street Analyst Weigh In

GTX has been the subject of several recent analyst reports. Zacks Research raised Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft started coverage on shares of Garrett Motion in a research report on Monday, October 20th. They issued a “hold” rating and a $14.00 price objective for the company. BWS Financial reissued a “buy” rating and set a $18.00 target price on shares of Garrett Motion in a research report on Friday, October 24th. Finally, Stifel Nicolaus set a $20.00 price target on shares of Garrett Motion in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Garrett Motion presently has an average rating of “Buy” and an average target price of $16.50.

Insider Activity

In related news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $13.28, for a total transaction of $4,655,516.48. Following the completion of the transaction, the insider owned 20,009,945 shares of the company’s stock, valued at $265,732,069.60. This trade represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 613,403 shares of company stock worth $8,133,314 over the last three months. Company insiders own 0.83% of the company’s stock.

Garrett Motion Stock Up 0.2%

Shares of NYSE:GTX opened at $16.75 on Friday. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $17.91. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 13.19 and a beta of 0.23. The business has a 50-day moving average price of $15.37 and a 200-day moving average price of $13.10.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. During the same period in the prior year, the firm posted $0.24 EPS. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. As a group, equities analysts anticipate that Garrett Motion Inc. will post 1.25 EPS for the current fiscal year.

Garrett Motion Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.9%. This is a boost from Garrett Motion’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Monday, December 1st. Garrett Motion’s dividend payout ratio is 20.38%.

Garrett Motion announced that its Board of Directors has authorized a stock repurchase program on Wednesday, December 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Garrett Motion Company Profile

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.