Walleye Capital LLC Invests $3.40 Million in Garrett Motion Inc. $GTX

Walleye Capital LLC purchased a new stake in Garrett Motion Inc. (NASDAQ:GTX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 93,801 shares of the company’s stock, valued at approximately $3,398,000. Walleye Capital LLC owned approximately 0.05% of Garrett Motion at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Convergence Investment Partners LLC increased its position in Garrett Motion by 0.9% during the 1st quarter. Convergence Investment Partners LLC now owns 45,952 shares of the company’s stock worth $835,000 after purchasing an additional 423 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Garrett Motion by 22.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock valued at $63,000 after buying an additional 629 shares in the last quarter. Baron Wealth Management LLC grew its stake in shares of Garrett Motion by 3.3% during the first quarter. Baron Wealth Management LLC now owns 27,324 shares of the company’s stock worth $496,000 after buying an additional 878 shares during the last quarter. Global Retirement Partners LLC grew its stake 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 buying an additional 970 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in shares of Garrett Motion by 2.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company’s stock worth $707,000 after buying an additional 995 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on GTX shares. 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. Freedom Capital lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a report on Thursday, May 21st. JPMorgan Chase & Co. lifted their price target on Garrett Motion from $33.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.60.

Garrett Motion Stock Performance

GTX stock opened at $29.00 on Friday. The company has a fifty day moving average price of $32.10 and a 200-day moving average price of $25.68. The company has a market capitalization 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 Inc. has a 52-week low of $12.26 and a 52-week high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.53 EPS 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 company had revenue of $976.00 million for the quarter. During the same quarter last year, the firm posted $0.42 EPS. Garrett Motion’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s dividend payout ratio (DPR) is currently 17.58%.

Insiders Place Their Bets

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of Garrett Motion 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 transaction, the chief financial officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $33.82, for a total value of $355,651.12. Following the completion of the sale, the senior vice president owned 83,178 shares in the company, valued at $2,813,079.96. This trade represents a 11.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 196,656 shares of company stock valued at $6,382,413. 1.10% of the stock is currently owned by company 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.