Picton Mahoney Asset Management Invests $933,000 in Garrett Motion Inc. $GTX

Picton Mahoney Asset Management bought a new stake in Garrett Motion Inc. (NYSE:GTX) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 68,573 shares of the company’s stock, valued at approximately $933,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Jones Financial Companies Lllp purchased a new stake in Garrett Motion during the 1st quarter worth about $42,000. Jane Street Group LLC boosted its position in shares of Garrett Motion by 641.7% during the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after acquiring an additional 78,661 shares in the last quarter. Amalgamated Bank purchased a new position in shares of Garrett Motion in the 2nd quarter valued at about $46,000. Bank of Montreal Can raised its position in shares of Garrett Motion by 5.7% during the 2nd quarter. Bank of Montreal Can now owns 58,021 shares of the company’s stock worth $610,000 after acquiring an additional 3,106 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Garrett Motion by 105.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 621,961 shares of the company’s stock worth $6,537,000 after acquiring an additional 318,907 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Garrett Motion Price Performance

Shares of NYSE:GTX opened at $18.46 on Friday. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $21.42. The stock has a market cap of $3.51 billion, a P/E ratio of 14.54 and a beta of 0.31. The firm has a fifty day moving average price of $18.90 and a 200 day moving average price of $16.37.

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

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.32 annualized dividend and a dividend yield of 1.7%. Garrett Motion’s payout ratio is presently 21.05%.

Garrett Motion declared that its Board of Directors has initiated a share repurchase 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on GTX. JPMorgan Chase & Co. began coverage on Garrett Motion in a report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price target for the company. Stifel Nicolaus raised their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. BWS Financial boosted their price objective on shares of Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research 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 assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Transactions at Garrett Motion

In related news, SVP Daniel Deiro sold 20,000 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $20.29, for a total value of $405,800.00. Following the completion of the sale, the senior vice president owned 160,994 shares in the company, valued at $3,266,568.26. This trade represents a 11.05% decrease in their ownership of the stock. The sale 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 Garrett Motion stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $20.32, for a total value 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 $18,400,694.72. This represents a 13.72% decrease in their position. 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 ninety days. 0.83% of the stock is currently owned by company insiders.

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.