Hennessy Advisors Inc. Takes $13.25 Million Position in Garrett Motion Inc. $GTX

Hennessy Advisors Inc. purchased a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 365,600 shares of the company’s stock, valued at approximately $13,246,000. Hennessy Advisors Inc. owned about 0.20% of Garrett Motion at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTX. Persistent Asset Partners Ltd bought a new stake in shares of Garrett Motion during the second quarter worth $27,000. Cullen Frost Bankers Inc. lifted its position in Garrett Motion by 7,110.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after buying an additional 1,422 shares in the last quarter. Global Retirement Partners LLC grew its holdings in Garrett Motion by 156.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after acquiring an additional 970 shares during the last quarter. Allworth Financial LP bought a new stake in Garrett Motion during the 2nd quarter worth about $64,000. Finally, PNC Financial Services Group Inc. increased its position in Garrett Motion by 361.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock valued at $49,000 after acquiring an additional 2,210 shares in the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GTX. Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Wall Street Zen downgraded Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. JPMorgan Chase & Co. increased their price objective on Garrett Motion from $33.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research report on Thursday, May 21st. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Garrett Motion has an average rating of “Moderate Buy” and an average price target of $38.60.

Insider Buying and Selling

In related news, CFO Sean Deason sold 110,000 shares of Garrett Motion stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the transaction, the chief financial officer owned 261,909 shares of the company’s stock, valued at $8,362,754.37. This trade represents a 29.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the transaction, the senior vice president owned 77,038 shares of the company’s stock, valued at approximately $2,565,365.40. This represents a 7.38% 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. Insiders sold a total of 126,656 shares of company stock worth $4,072,413 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Garrett Motion Stock Down 2.8%

GTX stock opened at $26.66 on Friday. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25. The company has a market cap of $4.97 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 0.68 and a beta of 0.82. The business’s fifty day moving average is $30.79 and its 200-day moving average is $26.28.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.53 EPS for the quarter, topping 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 during the quarter. During the same period last year, the firm earned $0.42 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Research analysts anticipate that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. Garrett Motion’s dividend payout ratio is 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.