GW&K Investment Management LLC Has $27.13 Million Stock Holdings in Garrett Motion Inc. $GTX

GW&K Investment Management LLC trimmed its stake in shares of Garrett Motion Inc. (NYSE:GTX) by 4.2% in the third quarter, HoldingsChannel reports. The firm owned 1,991,858 shares of the company’s stock after selling 88,350 shares during the quarter. GW&K Investment Management LLC’s holdings in Garrett Motion were worth $27,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of GTX. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion during the 1st quarter worth about $42,000. Tower Research Capital LLC TRC acquired a new position in Garrett Motion in the 2nd quarter valued at about $45,000. Amalgamated Bank bought a new position in Garrett Motion in the 2nd quarter valued at about $46,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in Garrett Motion during the second quarter worth approximately $61,000. Finally, Blue Trust Inc. lifted its position in Garrett Motion by 254.7% during the third quarter. Blue Trust Inc. now owns 6,190 shares of the company’s stock worth $84,000 after acquiring an additional 4,445 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Garrett Motion Trading Down 3.3%

Shares of GTX stock opened at $18.87 on Friday. The stock has a market cap of $3.58 billion, a P/E ratio of 14.86 and a beta of 0.31. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $21.42. The stock has a 50 day simple moving average of $18.88 and a 200 day simple moving average of $16.33.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The business’s quarterly revenue was up 5.6% on a year-over-year basis. Analysts forecast that Garrett Motion Inc. will post 1.25 EPS for the current year.

Garrett Motion announced that its board has authorized a stock repurchase program on Wednesday, December 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, March 2nd. Garrett Motion’s payout ratio is 21.05%.

Insider Buying and Selling

In other news, Director Julia Steyn sold 17,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $19.86, for a total value of $337,620.00. Following the completion of the transaction, the director directly owned 50,233 shares in the company, valued at approximately $997,627.38. The trade was a 25.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Olivier Rabiller sold 144,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the sale, the chief executive officer directly owned 905,546 shares of the company’s stock, valued at approximately $18,400,694.72. This trade represents a 13.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 337,000 shares of company stock valued at $6,839,290 over the last quarter. 0.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. assumed coverage on Garrett Motion in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 target price on the stock. BWS Financial boosted their price target on Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Stifel Nicolaus increased their price objective on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Finally, Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

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.