State of Wyoming Acquires New Position in Garrett Motion Inc. $GTX

State of Wyoming bought a new position in Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, Holdings Channel reports. The fund bought 67,070 shares of the company’s stock, valued at approximately $2,430,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. purchased a new position in Garrett Motion during the fourth quarter valued at approximately $180,383,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Garrett Motion by 170.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company’s stock worth $89,580,000 after purchasing an additional 3,241,952 shares during the period. Merewether Investment Management LP purchased a new stake in shares of Garrett Motion in the third quarter worth $40,590,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Garrett Motion in the third quarter worth $36,539,000. Finally, Apis Capital Advisors LLC raised its position in shares of Garrett Motion by 1,492.9% during the 4th quarter. Apis Capital Advisors LLC now owns 2,230,000 shares of the company’s stock valued at $38,869,000 after purchasing an additional 2,090,000 shares during the period. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Price Performance

Garrett Motion stock opened at $29.00 on Friday. Garrett Motion Inc. has a 1 year low of $12.26 and a 1 year high of $36.25. The firm’s 50 day moving average price is $32.10 and its 200-day moving average price is $25.68. The stock has a market cap of $5.41 billion, a P/E ratio of 15.93, a PEG ratio of 0.74 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX) last issued its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The firm had revenue of $976.00 million during the quarter. During the same quarter in the prior year, the company posted $0.42 EPS. Garrett Motion’s revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts expect that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.32 annualized dividend and a yield of 1.1%. Garrett Motion’s payout ratio is presently 17.58%.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 10,516 shares of the 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 completion of the transaction, the senior vice president owned 83,178 shares of the company’s stock, valued at $2,813,079.96. This represents a 11.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the transaction, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 196,656 shares of company stock valued at $6,382,413 in the last 90 days. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

GTX has been the topic of a number of analyst reports. Stifel Nicolaus lifted their target price on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. BWS Financial reiterated a “buy” rating and issued a $42.00 price target on shares of Garrett Motion in a research note on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and boosted their price objective for the company from $33.00 to $36.00 in a research report on Thursday, July 30th. Finally, Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Garrett Motion presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.60.

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.