Man Group plc Takes Position in Garrett Motion Inc. $GTX

Man Group plc bought a new stake in shares of Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 433,134 shares of the company’s stock, valued at approximately $15,692,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jupiter Topco LLC acquired a new stake in Garrett Motion in the 2nd quarter valued at about $2,847,000. Hsbc Holdings PLC acquired a new stake in Garrett Motion during the second quarter valued at approximately $1,864,000. Canada Pension Plan Investment Board bought a new stake in Garrett Motion during the second quarter worth approximately $649,000. Castleark Management LLC acquired a new position in Garrett Motion in the second quarter worth approximately $17,009,000. Finally, Legal & General Group Plc acquired a new position in Garrett Motion in the second quarter worth approximately $5,751,000. 86.27% of the stock is currently owned by institutional investors.

Insider Activity

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer directly owned 261,909 shares in the company, valued at $8,362,754.37. The trade was a 29.58% decrease in their ownership of the stock. 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, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $33.82, for a total transaction of $355,651.12. Following the sale, the senior vice president directly owned 83,178 shares in the company, valued at $2,813,079.96. This represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 126,656 shares of company stock valued at $4,072,413 over the last three months. 1.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Garrett Motion from $33.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Deutsche Bank Aktiengesellschaft raised Garrett Motion from a “hold” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. BWS Financial reaffirmed a “buy” rating and set a $42.00 target price on shares of Garrett Motion in a report on Thursday, July 30th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Stifel Nicolaus upped their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $38.60.

Garrett Motion Trading Up 1.4%

Shares of NASDAQ GTX opened at $27.43 on Friday. The firm has a market capitalization of $5.12 billion, a PE ratio of 15.07, a PEG ratio of 0.69 and a beta of 0.82. The business has a 50-day moving average price of $30.95 and a two-hundred day moving average price of $26.28. Garrett Motion Inc. has a one year low of $12.26 and a one year high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.07. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The business had revenue of $976.00 million for the quarter. During the same period in the previous year, the business posted $0.42 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Research analysts anticipate that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s dividend payout ratio (DPR) is currently 17.58%.

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.