Hennessy Advisors Inc. Acquires New Holdings in Garrett Motion Inc. $GTX

Hennessy Advisors Inc. bought a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 365,600 shares of the company’s stock, valued at approximately $13,246,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion in the first quarter valued at approximately $42,000. Jane Street Group LLC boosted its stake in Garrett Motion by 641.7% in the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after purchasing an additional 78,661 shares during the period. Cetera Investment Advisers bought a new position in Garrett Motion during the 2nd quarter worth about $121,000. Legal & General Group Plc increased its holdings in Garrett Motion by 30.4% during the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock worth $1,024,000 after purchasing an additional 22,727 shares in the last quarter. Finally, Prudential Financial Inc. bought a new stake in shares of Garrett Motion in the second quarter valued at about $225,000. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Stock Down 2.8%

NASDAQ:GTX opened at $26.66 on Friday. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 0.68 and a beta of 0.82. The stock’s 50 day moving average price is $30.79 and its two-hundred day moving average price is $26.28.

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

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s dividend payout ratio is presently 17.58%.

Analyst Ratings Changes

A number of research analysts recently issued reports on GTX shares. BWS Financial reiterated a “buy” rating and set a $42.00 price objective on shares of Garrett Motion in a report on Thursday, July 30th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. raised their price target on shares of Garrett Motion from $33.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Finally, Wall Street Zen cut shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.60.

Insider Transactions at Garrett Motion

In other news, SVP Mark Albert Rodrigues sold 6,140 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total value of $204,462.00. Following the completion of 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 filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of Garrett Motion stock in a transaction that occurred on Friday, June 5th. The stock was 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 $8,362,754.37. This represents a 29.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 126,656 shares of company stock worth $4,072,413. 1.10% of the stock is owned by 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.