Thrivent Financial for Lutherans Acquires Shares of 28,304 Garrett Motion Inc. $GTX

Thrivent Financial for Lutherans bought a new position in Garrett Motion Inc. (NYSE:GTX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 28,304 shares of the company’s stock, valued at approximately $386,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp acquired a new stake in Garrett Motion in the first quarter valued at about $42,000. Tower Research Capital LLC TRC purchased a new position in shares of Garrett Motion during the 2nd quarter worth approximately $45,000. Amalgamated Bank purchased a new position in shares of Garrett Motion during the 2nd quarter worth approximately $46,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Garrett Motion by 4,655.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock worth $47,000 after buying an additional 4,423 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Garrett Motion in the 2nd quarter valued at approximately $61,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Stock Down 3.0%

NYSE:GTX opened at $20.62 on Wednesday. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $21.42. The stock has a fifty day simple moving average of $18.26 and a 200-day simple moving average of $15.79. The company has a market capitalization of $4.01 billion, a PE ratio of 16.24 and a beta of 0.33.

Garrett Motion announced that its board has initiated a share repurchase plan on Wednesday, December 3rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GTX. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Stifel Nicolaus boosted their target price on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. JPMorgan Chase & Co. began coverage on shares of Garrett Motion in a report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price target for the company. Finally, BWS Financial raised their price objective on shares of Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Garrett Motion has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

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.