Swiss National Bank Grows Stock Holdings in Garrett Motion Inc. $GTX

Swiss National Bank boosted its stake in shares of Garrett Motion Inc. (NASDAQ:GTX) by 22.9% during the first quarter, Holdings Channel reports. The firm owned 341,900 shares of the company’s stock after purchasing an additional 63,800 shares during the quarter. Swiss National Bank’s holdings in Garrett Motion were worth $6,212,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jennison Associates LLC raised its stake in Garrett Motion by 9.3% during the 1st quarter. Jennison Associates LLC now owns 47,968 shares of the company’s stock valued at $872,000 after buying an additional 4,069 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Garrett Motion by 15.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,339,741 shares of the company’s stock worth $24,919,000 after buying an additional 176,184 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Garrett Motion by 6.5% in the 1st quarter. Bank of New York Mellon Corp now owns 672,991 shares of the company’s stock worth $12,228,000 after buying an additional 41,195 shares during the last quarter. Hillsdale Investment Management Inc. grew its holdings in shares of Garrett Motion by 3.7% in the first quarter. Hillsdale Investment Management Inc. now owns 597,457 shares of the company’s stock worth $10,856,000 after acquiring an additional 21,507 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of Garrett Motion by 2.6% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company’s stock worth $707,000 after acquiring an additional 995 shares during the period. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Price Performance

GTX opened at $29.92 on Wednesday. The company has a 50 day simple moving average of $32.78 and a two-hundred day simple moving average of $24.67. The firm has a market cap of $5.60 billion, a P/E ratio of 17.50, a PEG ratio of 0.91 and a beta of 0.78. Garrett Motion Inc. has a 1-year low of $12.26 and a 1-year high of $36.25.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.43 by $0.06. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion’s revenue was up 12.2% compared to the same quarter last year. Equities analysts anticipate that Garrett Motion Inc. will post 1.81 earnings per share for the current year.

Garrett Motion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Monday, June 1st. Garrett Motion’s dividend payout ratio is presently 18.71%.

Insiders Place Their Bets

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 6,140 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total transaction of $204,462.00. Following the sale, the senior vice president directly owned 77,038 shares of the company’s stock, valued at $2,565,365.40. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the transaction, the director owned 124,885 shares in the company, valued at $3,898,909.70. The trade was a 12.09% 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 quarter, insiders have sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GTX has been the topic of a number of recent research reports. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. upped their price target on shares of Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. Stifel Nicolaus upped their price target on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Royal Bank Of Canada set a $42.00 price objective on shares of Garrett Motion in a report on Thursday, May 21st. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.40.

Garrett Motion Company 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.