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

GW&K Investment Management LLC lowered its stake in Garrett Motion Inc. (NYSE:GTX) by 4.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,991,858 shares of the company’s stock after selling 88,350 shares during the quarter. GW&K Investment Management LLC owned about 1.02% of Garrett Motion worth $27,129,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion during the first quarter worth $42,000. Jane Street Group LLC raised its stake in shares of Garrett Motion by 641.7% in the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock valued at $761,000 after purchasing an additional 78,661 shares during the period. Amalgamated Bank bought a new stake in shares of Garrett Motion in the second quarter valued at about $46,000. Bank of Montreal Can boosted its position in shares of Garrett Motion by 5.7% during the second quarter. Bank of Montreal Can now owns 58,021 shares of the company’s stock worth $610,000 after buying an additional 3,106 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Garrett Motion by 105.2% during the second quarter. Bank of New York Mellon Corp now owns 621,961 shares of the company’s stock worth $6,537,000 after buying an additional 318,907 shares during the period. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Stock Down 3.3%

GTX stock opened at $18.87 on Friday. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 14.86 and a beta of 0.31. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $21.42. The business has a 50 day moving average price of $18.88 and a two-hundred day moving average price of $16.33.

Garrett Motion (NYSE:GTX) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.42 earnings per share (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. On average, equities research analysts anticipate that Garrett Motion Inc. will post 1.25 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

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

Garrett Motion declared that its Board of Directors has approved a stock buyback 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 often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GTX. JPMorgan Chase & Co. initiated 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. Stifel Nicolaus raised their price target on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. BWS Financial lifted their price objective on shares of Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Insider Activity

In other news, Director Julia Steyn sold 17,000 shares of the business’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $19.86, for a total transaction of $337,620.00. Following the transaction, the director directly owned 50,233 shares in the company, valued at $997,627.38. The trade was a 25.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Olivier Rabiller sold 144,000 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the completion of the sale, the chief executive officer directly owned 905,546 shares in the company, valued at approximately $18,400,694.72. The trade was a 13.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 337,000 shares of company stock valued at $6,839,290 in the last quarter. Company insiders own 0.83% of the company’s stock.

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.