Garrett Motion Inc. $GTX Stake Cut by Prevatt Capital Ltd

Prevatt Capital Ltd cut its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX) by 15.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,250,000 shares of the company’s stock after selling 400,000 shares during the period. Garrett Motion accounts for approximately 11.0% of Prevatt Capital Ltd’s investment portfolio, making the stock its 3rd biggest holding. Prevatt Capital Ltd owned about 1.19% of Garrett Motion worth $40,882,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Comerica Bank grew its position in Garrett Motion by 22.0% during the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after purchasing an additional 45,370 shares during the last quarter. Wesbanco Bank Inc. raised its holdings in shares of Garrett Motion by 75.0% in the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock worth $1,831,000 after buying an additional 45,000 shares during the last quarter. Yorkville Advisors Global LP purchased a new position in shares of Garrett Motion in the third quarter worth $11,168,000. Smead Capital Management Inc. purchased a new position in shares of Garrett Motion in the fourth quarter worth $4,257,000. Finally, Vanguard Group Inc. lifted its stake in shares of Garrett Motion by 5.6% during the fourth quarter. Vanguard Group Inc. now owns 4,424,546 shares of the company’s stock worth $77,120,000 after buying an additional 234,735 shares during the period. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Price Performance

GTX stock opened at $31.75 on Friday. The firm’s fifty day simple moving average is $30.78 and its 200-day simple moving average is $22.86. The company has a market capitalization of $5.94 billion, a P/E ratio of 18.57, a price-to-earnings-growth ratio of 1.05 and a beta of 0.78. Garrett Motion Inc. has a 12 month low of $10.71 and a 12 month high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its earnings results on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.06. The firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. As a group, sell-side analysts forecast 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 dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio is presently 18.71%.

Insider Buying and Selling at Garrett Motion

In related news, SVP Mark Albert Rodrigues sold 6,140 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the transaction, the senior vice president directly owned 77,038 shares in the company, valued at approximately $2,565,365.40. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the sale, the director directly owned 124,885 shares of the company’s stock, valued at approximately $3,898,909.70. This represents a 12.09% 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 sold 213,834 shares of company stock worth $6,918,710 over the last three months. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on GTX. JPMorgan Chase & Co. upped their target price on Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. BWS Financial lifted their price target on Garrett Motion from $32.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Freedom Capital cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 22nd. Finally, Royal Bank Of Canada set a $42.00 price objective on Garrett Motion in a report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.83.

Garrett Motion 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.