Hillsdale Investment Management Inc. Buys 21,507 Shares of Garrett Motion Inc. $GTX

Hillsdale Investment Management Inc. grew its stake in shares of Garrett Motion Inc. (NASDAQ:GTX) by 3.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 597,457 shares of the company’s stock after buying an additional 21,507 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Garrett Motion were worth $10,856,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank boosted its holdings in Garrett Motion by 22.0% in the fourth quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after acquiring an additional 45,370 shares in the last quarter. Wesbanco Bank Inc. raised its position in shares of Garrett Motion by 75.0% during the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock worth $1,831,000 after purchasing an additional 45,000 shares during the period. Yorkville Advisors Global LP bought a new position in shares of Garrett Motion in the 3rd quarter worth $11,168,000. Smead Capital Management Inc. acquired a new stake in Garrett Motion in the 4th quarter valued at $4,257,000. Finally, Norges Bank bought a new stake in Garrett Motion during the 4th quarter valued at $29,237,000. Institutional investors own 86.27% of the company’s stock.

Analyst Ratings Changes

GTX has been the topic of a number of recent research reports. Weiss Ratings initiated coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $24.00 target price on shares of Garrett Motion in a report on Friday, May 1st. Stifel Nicolaus boosted their price objective on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Royal Bank Of Canada set a $42.00 price objective on Garrett Motion in a research note on Thursday, May 21st. Finally, BWS Financial reaffirmed a “buy” rating and set a $42.00 target price on shares of Garrett Motion in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.83.

Garrett Motion Price Performance

GTX opened at $31.50 on Tuesday. Garrett Motion Inc. has a fifty-two week low of $11.04 and a fifty-two week high of $36.25. The firm has a market capitalization of $5.90 billion, a P/E ratio of 18.42, a PEG ratio of 1.01 and a beta of 0.78. The company’s 50-day moving average is $32.30 and its 200 day moving average is $23.60.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.06. The business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm’s revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts expect that Garrett Motion Inc. will post 1.83 earnings per share for the current year.

Garrett Motion Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio is currently 18.71%.

Insiders Place Their Bets

In related news, CFO Sean Deason sold 110,000 shares of Garrett Motion stock in a transaction on Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the sale, the chief financial officer directly owned 261,909 shares in the company, valued at approximately $8,362,754.37. This trade represents a 29.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the transaction, the director directly owned 124,885 shares in the company, valued at approximately $3,898,909.70. This represents a 12.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 213,834 shares of company stock valued at $6,918,710. Insiders own 1.10% of the company’s stock.

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.