Garrett Motion Inc. $GTX Shares Sold by Oaktree Capital Management LP

Oaktree Capital Management LP decreased its position in shares of Garrett Motion Inc. (NYSE:GTX) by 16.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,894,816 shares of the company’s stock after selling 7,188,000 shares during the quarter. Garrett Motion accounts for approximately 6.7% of Oaktree Capital Management LP’s portfolio, making the stock its 3rd largest holding. Oaktree Capital Management LP owned 0.18% of Garrett Motion worth $387,765,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Four Tree Island Advisory LLC grew its position in Garrett Motion by 14.8% during the second quarter. Four Tree Island Advisory LLC now owns 431,486 shares of the company’s stock valued at $4,535,000 after buying an additional 55,634 shares during the period. Amundi acquired a new position in shares of Garrett Motion in the second quarter worth about $138,000. Marshall Wace LLP raised its position in shares of Garrett Motion by 103.4% in the second quarter. Marshall Wace LLP now owns 1,846,068 shares of the company’s stock worth $19,402,000 after acquiring an additional 938,312 shares during the period. Walleye Capital LLC purchased a new stake in shares of Garrett Motion during the 2nd quarter worth about $257,000. Finally, Invesco Ltd. grew its position in shares of Garrett Motion by 57.4% during the 2nd quarter. Invesco Ltd. now owns 256,479 shares of the company’s stock valued at $2,696,000 after acquiring an additional 93,488 shares during the period. 86.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GTX has been the subject of several recent analyst reports. Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft began coverage on Garrett Motion in a report on Monday, October 20th. They issued a “hold” rating and a $14.00 price objective on the stock. BWS Financial restated a “buy” rating and issued a $18.00 price objective on shares of Garrett Motion in a research report on Friday, October 24th. Finally, Stifel Nicolaus set a $20.00 target price on Garrett Motion in a research report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $16.50.

Garrett Motion Trading Up 0.2%

NYSE:GTX opened at $16.75 on Friday. The stock has a 50 day moving average of $15.37 and a two-hundred day moving average of $13.10. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $17.91. The firm has a market cap of $3.26 billion, a P/E ratio of 13.19 and a beta of 0.23.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.During the same quarter in the previous year, the business earned $0.24 earnings per share. Garrett Motion’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, research analysts forecast that Garrett Motion Inc. will post 1.25 earnings per share for the current year.

Garrett Motion Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Garrett Motion’s previous quarterly dividend of $0.06. The ex-dividend date is Monday, December 1st. Garrett Motion’s dividend payout ratio (DPR) is currently 20.38%.

Garrett Motion announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, December 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Garrett Motion

In other news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $13.28, for a total value of $4,655,516.48. Following the transaction, the insider directly owned 20,009,945 shares of the company’s stock, valued at approximately $265,732,069.60. This trade represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 613,403 shares of company stock valued at $8,133,314 over the last quarter. Company insiders own 0.83% of the company’s stock.

Garrett Motion Company Profile

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.