Man Group plc Invests $15.69 Million in Garrett Motion Inc. $GTX

Man Group plc acquired a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 433,134 shares of the company’s stock, valued at approximately $15,692,000. Man Group plc owned about 0.23% of Garrett Motion at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion in the first quarter worth $42,000. Jane Street Group LLC boosted its stake in shares of Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock valued at $761,000 after acquiring an additional 78,661 shares during the last quarter. Cetera Investment Advisers purchased a new stake in Garrett Motion during the 2nd quarter worth about $121,000. Legal & General Group Plc increased its position in Garrett Motion by 30.4% during the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock worth $1,024,000 after purchasing an additional 22,727 shares in the last quarter. Finally, Prudential Financial Inc. purchased a new stake in Garrett Motion during the 2nd quarter worth about $225,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Wall Street Analysts Forecast Growth

GTX has been the topic of a number of recent research reports. BWS Financial restated a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $36.00 in a report on Thursday, July 30th. Stifel Nicolaus upped their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Wall Street Zen lowered Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, Freedom Capital cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.60.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the business’s 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 completion of the transaction, the chief financial officer owned 261,909 shares in the company, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their position. 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, SVP Mark Albert Rodrigues sold 6,140 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total value of $204,462.00. Following the completion of the transaction, the senior vice president directly owned 77,038 shares of the company’s stock, valued at approximately $2,565,365.40. The trade was a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 126,656 shares of company stock worth $4,072,413 in the last ninety days. 1.10% of the stock is owned by company insiders.

Garrett Motion Price Performance

GTX opened at $27.43 on Friday. Garrett Motion Inc. has a 12-month low of $12.26 and a 12-month high of $36.25. The firm’s fifty day moving average price is $30.95 and its 200 day moving average price is $26.28. The stock has a market capitalization of $5.12 billion, a PE ratio of 15.07, a P/E/G ratio of 0.69 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX) last released its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million during the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 EPS. On average, equities research analysts forecast that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.32 annualized dividend and a yield of 1.2%. Garrett Motion’s payout ratio is presently 17.58%.

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.