Yorkville Advisors Global LP Takes $11.17 Million Position in Garrett Motion Inc. $GTX

Yorkville Advisors Global LP acquired a new position in shares of Garrett Motion Inc. (NYSE:GTX) in the 3rd quarter, Holdings Channel reports. The fund acquired 820,000 shares of the company’s stock, valued at approximately $11,168,000. Garrett Motion makes up 2.3% of Yorkville Advisors Global LP’s investment portfolio, making the stock its 5th biggest position.

Other hedge funds have also modified their holdings of the company. Robeco Institutional Asset Management B.V. bought a new position in Garrett Motion in the third quarter valued at $5,925,000. Convergence Investment Partners LLC bought a new stake in Garrett Motion during the 3rd quarter worth about $1,573,000. Federated Hermes Inc. acquired a new position in shares of Garrett Motion during the 3rd quarter worth about $1,646,000. JPMorgan Chase & Co. boosted its stake in shares of Garrett Motion by 45.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,705,484 shares of the company’s stock worth $23,229,000 after buying an additional 529,949 shares during the last quarter. Finally, Renaissance Group LLC bought a new position in shares of Garrett Motion in the 3rd quarter valued at about $1,156,000. 86.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Garrett Motion Stock Performance

Shares of Garrett Motion stock opened at $17.50 on Wednesday. The firm has a 50-day moving average of $18.93 and a 200-day moving average of $16.65. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $21.42. The stock has a market cap of $3.32 billion, a PE ratio of 13.78 and a beta of 0.31.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.Garrett Motion’s quarterly revenue was up 5.6% on a year-over-year basis. Equities research analysts predict that Garrett Motion Inc. will post 1.25 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, March 2nd. Garrett Motion’s dividend payout ratio is currently 21.05%.

Garrett Motion declared that its Board of Directors has initiated a stock buyback program on Wednesday, December 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, CEO Olivier Rabiller sold 144,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 905,546 shares of the company’s stock, valued at approximately $18,400,694.72. The trade was a 13.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Daniel Deiro sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $20.29, for a total transaction of $405,800.00. Following the transaction, the senior vice president owned 160,994 shares of the company’s stock, valued at approximately $3,266,568.26. This represents a 11.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 337,000 shares of company stock worth $6,839,290 over the last 90 days. Insiders own 0.60% 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.