Aristeia Capital L.L.C. Takes $912,000 Position in Garrett Motion Inc. $GTX

Aristeia Capital L.L.C. purchased a new stake in shares of Garrett Motion Inc. (NASDAQ:GTX) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 52,344 shares of the company’s stock, valued at approximately $912,000.

Several other institutional investors and hedge funds have also modified their holdings of GTX. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Garrett Motion during the 4th quarter valued at $180,383,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Garrett Motion by 170.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company’s stock valued at $89,580,000 after acquiring an additional 3,241,952 shares in the last quarter. Merewether Investment Management LP bought a new position in shares of Garrett Motion during the 3rd quarter valued at $40,590,000. BlueCrest Capital Management Ltd bought a new position in shares of Garrett Motion during the 3rd quarter valued at $36,539,000. Finally, William Blair Investment Management LLC raised its holdings in shares of Garrett Motion by 51.0% during the 3rd quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company’s stock valued at $105,090,000 after purchasing an additional 2,605,296 shares in the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Garrett Motion

In other news, SVP Mark Albert Rodrigues sold 10,516 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $33.82, for a total transaction of $355,651.12. Following the transaction, the senior vice president owned 83,178 shares in the company, valued at approximately $2,813,079.96. The trade was a 11.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 dated Friday, May 15th. The stock was sold at an average price of $31.22, for a total transaction of $536,297.16. Following the transaction, the director owned 124,885 shares in the company, valued at approximately $3,898,909.70. The trade was a 12.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 207,694 shares of company stock worth $6,714,248. 1.10% of the stock is owned by company insiders.

Garrett Motion Price Performance

Shares of GTX opened at $33.76 on Thursday. The company has a market capitalization of $6.32 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 1.09 and a beta of 0.79. Garrett Motion Inc. has a one year low of $9.57 and a one year high of $35.06. The company’s fifty day moving average price is $27.49 and its 200 day moving average price is $21.50.

Garrett Motion (NASDAQ:GTX) last announced its earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.43 by $0.06. The firm had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. Analysts anticipate that Garrett Motion Inc. will post 1.83 earnings per share for the current year.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.08 per share. The ex-dividend date was Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 0.9%. Garrett Motion’s payout ratio is presently 18.71%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Freedom Capital downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings assumed coverage on shares of Garrett Motion in a report on Wednesday, April 29th. They set a “buy (b)” rating on the stock. Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a report on Thursday, May 21st. Zacks Research upgraded shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Friday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $24.00 price target on shares of Garrett Motion in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock 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.