Public Employees Retirement System of Ohio Makes New Investment in Garrett Motion Inc. $GTX

Public Employees Retirement System of Ohio acquired a new position in Garrett Motion Inc. (NASDAQ:GTX) in the second quarter, HoldingsChannel reports. The fund acquired 477,398 shares of the company’s stock, valued at approximately $17,296,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd purchased a new stake in shares of Garrett Motion in the 2nd quarter worth approximately $27,000. Cullen Frost Bankers Inc. increased its holdings in Garrett Motion by 7,110.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after buying an additional 1,422 shares during the period. Global Retirement Partners LLC raised its stake in Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after buying an additional 970 shares in the last quarter. Allworth Financial LP bought a new position in Garrett Motion in the second quarter worth approximately $64,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Garrett Motion by 361.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock worth $49,000 after buying an additional 2,210 shares during the period. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Stock Performance

Shares of GTX stock opened at $26.66 on Friday. Garrett Motion Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $36.25. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 0.68 and a beta of 0.82. The stock’s 50-day simple moving average is $30.79 and its 200-day simple 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, beating the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million during the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share. As a group, equities analysts forecast that Garrett Motion Inc. will post 1.91 earnings per share for the current year.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued 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 (DPR) is currently 17.58%.

Insider Buying and Selling at Garrett Motion

In other news, SVP Mark Albert Rodrigues sold 6,140 shares of the business’s stock in a transaction 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 sale, the senior vice president directly owned 77,038 shares of the company’s stock, valued at $2,565,365.40. The trade was a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the company’s stock in a transaction 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 directly owned 261,909 shares in the company, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their ownership of the stock. 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. Insiders have sold 126,656 shares of company stock valued at $4,072,413 over the last quarter. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GTX. Stifel Nicolaus increased their target price on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $36.00 in a research note on Thursday, July 30th. Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Wall Street Zen lowered Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.60.

Garrett Motion 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.