Wesbanco Bank Inc. Makes New Investment in Garrett Motion Inc. $GTX

Wesbanco Bank Inc. bought a new stake in shares of Garrett Motion Inc. (NYSE:GTX) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 60,034 shares of the company’s stock, valued at approximately $818,000.

A number of other large investors also recently bought and sold shares of GTX. Jones Financial Companies Lllp purchased a new position in Garrett Motion during the first quarter worth approximately $42,000. Jane Street Group LLC raised its position in Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after acquiring an additional 78,661 shares during the period. KLP Kapitalforvaltning AS raised its position in Garrett Motion by 41.5% during the second quarter. KLP Kapitalforvaltning AS now owns 20,800 shares of the company’s stock worth $219,000 after acquiring an additional 6,100 shares during the period. Ritholtz Wealth Management lifted its holdings in Garrett Motion by 158.1% during the second quarter. Ritholtz Wealth Management now owns 168,896 shares of the company’s stock valued at $1,775,000 after purchasing an additional 103,449 shares in the last quarter. Finally, William Blair Investment Management LLC grew its position in shares of Garrett Motion by 2.6% in the second quarter. William Blair Investment Management LLC now owns 5,110,528 shares of the company’s stock valued at $53,712,000 after purchasing an additional 128,479 shares during the period. Institutional investors and hedge funds own 86.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GTX shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Garrett Motion in a research note on Monday, October 20th. They issued a “hold” rating and a $14.00 price target on the stock. BWS Financial lifted their price target on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Zacks Research cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. JPMorgan Chase & Co. began coverage on shares of Garrett Motion in a research note on Wednesday, December 17th. They set an “overweight” rating and a $23.00 target price on the stock. Finally, Stifel Nicolaus increased their target price on shares of Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Garrett Motion Trading Up 7.1%

Garrett Motion stock opened at $20.80 on Thursday. The company has a 50-day moving average price of $17.91 and a 200 day moving average price of $15.55. Garrett Motion Inc. has a 12-month low of $7.01 and a 12-month high of $20.94. The stock has a market cap of $4.05 billion, a P/E ratio of 16.38 and a beta of 0.33.

Garrett Motion declared that its Board of Directors has approved a stock buyback plan on Wednesday, December 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

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.