Legal & General Group Plc Takes Position in Garrett Motion Inc. $GTX

Legal & General Group Plc acquired a new stake in Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 158,725 shares of the company’s stock, valued at approximately $5,751,000.

A number of other institutional investors have also recently added to or reduced their stakes in GTX. Persistent Asset Partners Ltd purchased a new position in Garrett Motion in the second quarter valued at about $27,000. Cullen Frost Bankers Inc. grew its holdings in shares of Garrett Motion by 7,110.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after acquiring an additional 1,422 shares during the period. Global Retirement Partners LLC increased its stake in Garrett Motion by 156.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after purchasing an additional 970 shares in the last quarter. Allworth Financial LP acquired a new position in Garrett Motion during the second quarter worth $64,000. Finally, PNC Financial Services Group Inc. raised its holdings in Garrett Motion by 361.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock worth $49,000 after purchasing an additional 2,210 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Insider Transactions at Garrett Motion

In other Garrett Motion news, SVP Mark Rodrigues sold 10,516 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $33.82, for a total transaction of $355,651.12. Following the sale, the senior vice president directly owned 83,178 shares of the company’s stock, valued at $2,813,079.96. This trade represents a 11.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Daniel Deiro sold 30,000 shares of Garrett Motion stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $26.70, for a total transaction of $801,000.00. Following the sale, the senior vice president owned 133,783 shares of the company’s stock, valued at approximately $3,572,006.10. This trade represents a 18.32% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 66,656 shares of company stock worth $1,898,913. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on GTX. Stifel Nicolaus upped their target price on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Royal Bank Of Canada set a $42.00 price target on Garrett Motion in a research note on Thursday, May 21st. Wall Street Zen lowered shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, BWS Financial restated a “buy” rating and set a $42.00 target price on shares of Garrett Motion in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.60.

Garrett Motion Stock Performance

Garrett Motion stock opened at $27.33 on Friday. Garrett Motion Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $36.25. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 15.02, a PEG ratio of 0.69 and a beta of 0.79. The stock has a fifty day moving average of $30.22 and a two-hundred day moving average of $26.51.

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

Garrett Motion Dividend Announcement

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