Geode Capital Management LLC Buys 380,729 Shares of Garrett Motion Inc. $GTX

Geode Capital Management LLC boosted its stake in Garrett Motion Inc. (NASDAQ:GTX) by 10.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,881,043 shares of the company’s stock after acquiring an additional 380,729 shares during the period. Geode Capital Management LLC owned 2.00% of Garrett Motion worth $67,655,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in GTX. Jones Financial Companies Lllp bought a new stake in Garrett Motion in the first quarter worth about $42,000. Jane Street Group LLC raised its position in shares of Garrett Motion by 641.7% in the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock valued at $761,000 after purchasing an additional 78,661 shares during the period. Cetera Investment Advisers bought a new stake in shares of Garrett Motion in the second quarter valued at approximately $121,000. Legal & General Group Plc raised its position in shares of Garrett Motion by 30.4% in the second quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock valued at $1,024,000 after purchasing an additional 22,727 shares during the period. Finally, Prudential Financial Inc. bought a new stake in shares of Garrett Motion in the second quarter valued at approximately $225,000. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Trading Up 0.9%

Shares of NASDAQ:GTX opened at $32.25 on Tuesday. The company has a 50 day moving average of $25.35 and a 200 day moving average of $20.65. The stock has a market cap of $6.04 billion, a P/E ratio of 18.86, a P/E/G ratio of 1.00 and a beta of 0.79. Garrett Motion Inc. has a 12 month low of $9.57 and a 12 month high of $34.34.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.49 EPS 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 net margin of 9.29% and a negative return on equity of 42.77%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. On average, equities analysts forecast that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid 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 yield of 1.0%. Garrett Motion’s payout ratio is currently 18.71%.

Insider Activity at Garrett Motion

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the completion of the transaction, the chief financial officer owned 261,909 shares of the company’s stock, valued at $8,362,754.37. The trade was a 29.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $31.22, for a total transaction of $536,297.16. Following the completion of the transaction, the director directly owned 124,885 shares of the company’s stock, valued at approximately $3,898,909.70. This represents a 12.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 197,178 shares of company stock valued at $6,358,597. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $24.00 price target on shares of Garrett Motion in a research report on Friday, May 1st. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 22nd. Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. BWS Financial boosted their price target on shares of Garrett Motion from $32.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $31.83.

About Garrett Motion

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.