Thrivent Financial for Lutherans Makes New Investment in Garrett Motion Inc. $GTX

Thrivent Financial for Lutherans purchased a new position in Garrett Motion Inc. (NYSE:GTX) in the third quarter, HoldingsChannel.com reports. The fund purchased 28,304 shares of the company’s stock, valued at approximately $386,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion during the first quarter valued at $42,000. Jane Street Group LLC boosted its stake in shares of Garrett Motion by 641.7% during the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after purchasing an additional 78,661 shares during the last quarter. KLP Kapitalforvaltning AS grew its holdings in shares of Garrett Motion by 41.5% during the second quarter. KLP Kapitalforvaltning AS now owns 20,800 shares of the company’s stock worth $219,000 after buying an additional 6,100 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Garrett Motion in the second quarter valued at approximately $342,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Garrett Motion by 4,655.8% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock valued at $47,000 after buying an additional 4,423 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Stock Performance

Shares of GTX stock opened at $20.62 on Wednesday. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 16.24 and a beta of 0.33. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $21.42. The company has a 50 day moving average price of $18.26 and a 200 day moving average price of $15.79.

Garrett Motion announced that its board has initiated a share buyback plan on Wednesday, December 3rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

GTX has been the topic of a number of analyst reports. Stifel Nicolaus raised their target price on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. BWS Financial increased their price target on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. started coverage on Garrett Motion in a report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price objective on the stock. Finally, Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus 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.