Carmel Capital Management L.L.C. Takes Position in Garrett Motion Inc. $GTX

Carmel Capital Management L.L.C. bought a new stake in shares of Garrett Motion Inc. (NASDAQ:GTX) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 314,750 shares of the company’s stock, valued at approximately $5,719,000. Garrett Motion accounts for 1.6% of Carmel Capital Management L.L.C.’s holdings, making the stock its 20th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. purchased a new position in Garrett Motion in the 4th quarter worth approximately $180,383,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Garrett Motion by 170.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company’s stock valued at $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 during the third quarter valued at approximately $40,590,000. BlueCrest Capital Management Ltd acquired a new position in shares of Garrett Motion during the third quarter worth $36,539,000. Finally, Apis Capital Advisors LLC boosted its stake in shares of Garrett Motion by 1,492.9% in the fourth 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. 86.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Garrett Motion

In other news, SVP Thierry Mabru sold 70,000 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $33.00, for a total value of $2,310,000.00. Following the completion of the sale, the senior vice president owned 147,956 shares of the company’s stock, valued at approximately $4,882,548. The trade was a 32.12% 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 business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the completion of the sale, the chief financial officer directly owned 261,909 shares of the company’s stock, valued at $8,362,754.37. The trade was a 29.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 213,834 shares of company stock valued at $6,918,710 in the last 90 days. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on GTX. Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. JPMorgan Chase & Co. boosted their price objective on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Weiss Ratings started coverage on shares of Garrett Motion in a research report on Wednesday, April 29th. They issued a “buy (b)” rating for the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. Finally, Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and an average price target of $31.83.

Garrett Motion Stock Up 3.2%

Shares of GTX opened at $36.22 on Wednesday. The business’s 50 day moving average is $30.27 and its two-hundred day moving average is $22.64. Garrett Motion Inc. has a 52-week low of $10.38 and a 52-week high of $36.25. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 1.10 and a beta of 0.79.

Garrett Motion (NASDAQ:GTX) last released its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.06. The business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The company’s revenue was up 12.2% compared to the same quarter last year. On average, equities analysts expect that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion’s dividend payout ratio (DPR) is currently 18.71%.

Garrett Motion 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.