Castleark Management LLC Reduces Holdings in Garrett Motion Inc. $GTX

Castleark Management LLC decreased its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX) by 5.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 488,000 shares of the company’s stock after selling 26,400 shares during the quarter. Castleark Management LLC owned about 0.26% of Garrett Motion worth $8,867,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new stake in Garrett Motion in the 1st quarter valued at about $42,000. Jane Street Group LLC boosted its stake in Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after buying an additional 78,661 shares during the period. Cetera Investment Advisers purchased a new position in Garrett Motion during the second quarter worth about $121,000. Legal & General Group Plc increased its position in shares of Garrett Motion by 30.4% during the second quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock valued at $1,024,000 after acquiring an additional 22,727 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new stake in shares of Garrett Motion during the second quarter valued at about $225,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Insider Buying and Selling at Garrett Motion

In related news, SVP Thierry Mabru sold 70,000 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the completion of the transaction, the senior vice president directly owned 147,956 shares of the company’s stock, valued at $4,882,548. The trade was a 32.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 on 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 of the company’s stock, valued at $3,898,909.70. The trade was a 12.09% 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. In the last three months, insiders have sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GTX. Weiss Ratings started coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. BWS Financial reiterated a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a report on Monday, July 6th. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a report on Thursday, May 21st. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Freedom Capital cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Garrett Motion presently has an average rating of “Moderate Buy” and a consensus target price of $35.40.

Garrett Motion Price Performance

Shares of NASDAQ:GTX opened at $31.51 on Monday. The firm has a market capitalization of $5.90 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The firm’s 50-day moving average is $32.77 and its two-hundred day moving average is $24.50. Garrett Motion Inc. has a 1 year low of $12.09 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 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $917.23 million. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. Analysts expect that Garrett Motion Inc. will post 1.81 EPS for the current fiscal 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 given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion’s dividend payout ratio (DPR) is currently 18.71%.

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.