William Blair Investment Management LLC Cuts Stock Position in Garrett Motion Inc. $GTX

William Blair Investment Management LLC cut its holdings in Garrett Motion Inc. (NASDAQ:GTX) by 21.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,059,287 shares of the company’s stock after selling 1,656,537 shares during the quarter. William Blair Investment Management LLC’s holdings in Garrett Motion were worth $105,613,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in GTX. Global Retirement Partners LLC increased its position in shares of Garrett Motion by 156.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after purchasing an additional 970 shares in the last quarter. D Orazio & Associates Inc. increased its position in shares of Garrett Motion by 7.2% during the third quarter. D Orazio & Associates Inc. now owns 15,101 shares of the company’s stock worth $206,000 after purchasing an additional 1,015 shares in the last quarter. Spire Wealth Management increased its position in shares of Garrett Motion by 971.2% during the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock worth $26,000 after purchasing an additional 1,350 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Garrett Motion by 7,110.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after purchasing an additional 1,422 shares in the last quarter. Finally, Baron Wealth Management LLC increased its position in shares of Garrett Motion by 6.3% during the fourth quarter. Baron Wealth Management LLC now owns 26,446 shares of the company’s stock worth $461,000 after purchasing an additional 1,570 shares in the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Trading Up 0.2%

GTX opened at $33.29 on Friday. The stock’s 50-day moving average price is $22.06 and its 200 day moving average price is $19.43. Garrett Motion Inc. has a 12-month low of $9.57 and a 12-month high of $34.34. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 19.47, a PEG ratio of 1.11 and a beta of 0.70.

Garrett Motion (NASDAQ:GTX) last posted 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. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $917.23 million. The business’s revenue was up 12.2% on a year-over-year basis. On average, research analysts forecast that Garrett Motion Inc. will post 1.83 earnings per share for the current year.

Garrett Motion Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.32 annualized dividend and a yield of 1.0%. Garrett Motion’s dividend payout ratio is presently 18.71%.

Analyst Ratings Changes

Several analysts recently commented on the company. Weiss Ratings assumed coverage on Garrett Motion in a research report on Wednesday, April 29th. They set a “buy (b)” rating for the company. JPMorgan Chase & Co. boosted their price target on Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. Stifel Nicolaus upped their price target on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, BWS Financial upped their price target on Garrett Motion from $32.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.83.

Insider Transactions at Garrett Motion

In related news, CEO Olivier Rabiller sold 144,000 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the transaction, the chief executive officer owned 905,546 shares of the company’s stock, valued at approximately $18,400,694.72. This represents a 13.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $31.22, for a total value of $536,297.16. Following the transaction, the director directly owned 124,885 shares in the company, valued at approximately $3,898,909.70. The trade was a 12.09% 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 a total of 354,178 shares of company stock worth $7,375,587 in the last 90 days. Insiders own 1.10% of the company’s stock.

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.