60,034 Shares in Garrett Motion Inc. $GTX Purchased by Wesbanco Bank Inc.

Wesbanco Bank Inc. acquired a new stake in Garrett Motion Inc. (NYSE:GTX) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 60,034 shares of the company’s stock, valued at approximately $818,000.

Several other hedge funds also recently bought and sold shares of GTX. Raymond James Financial Inc. boosted its position in shares of Garrett Motion by 2.3% during the 2nd quarter. Raymond James Financial Inc. now owns 77,365 shares of the company’s stock worth $813,000 after purchasing an additional 1,759 shares during the period. Garden State Investment Advisory Services LLC boosted its position in shares of Garrett Motion by 16.4% during the second quarter. Garden State Investment Advisory Services LLC now owns 13,667 shares of the company’s stock worth $144,000 after buying an additional 1,922 shares during the period. Baron Wealth Management LLC boosted its position in shares of Garrett Motion by 13.0% during the third quarter. Baron Wealth Management LLC now owns 24,876 shares of the company’s stock worth $339,000 after buying an additional 2,857 shares during the period. Bank of Montreal Can raised its holdings in shares of Garrett Motion by 5.7% in the 2nd quarter. Bank of Montreal Can now owns 58,021 shares of the company’s stock valued at $610,000 after buying an additional 3,106 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new position in Garrett Motion during the 2nd quarter worth about $45,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Trading Up 7.1%

Shares of NYSE:GTX opened at $20.80 on Thursday. Garrett Motion Inc. has a 52 week low of $7.01 and a 52 week high of $20.94. The company’s 50 day moving average is $17.91 and its two-hundred day moving average is $15.55. The company has a market cap of $4.05 billion, a PE ratio of 16.38 and a beta of 0.33.

Garrett Motion declared that its board has approved a share repurchase plan on Wednesday, December 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Stifel Nicolaus lifted their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. JPMorgan Chase & Co. assumed coverage on shares of Garrett Motion in a report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Garrett Motion in a research note on Monday, October 20th. They issued a “hold” rating and a $14.00 price target for the company. Finally, BWS Financial upped their price objective on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.80.

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.