Corient Private Wealth LLC Reduces Position in Garrett Motion Inc. $GTX

Corient Private Wealth LLC lowered its position in Garrett Motion Inc. (NYSE:GTX) by 48.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 88,490 shares of the company’s stock after selling 84,151 shares during the quarter. Corient Private Wealth LLC’s holdings in Garrett Motion were worth $930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of GTX. Tower Research Capital LLC TRC purchased a new stake in Garrett Motion in the 2nd quarter valued at $45,000. Amalgamated Bank purchased a new stake in shares of Garrett Motion in the second quarter valued at about $46,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Garrett Motion by 4,655.8% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock worth $47,000 after buying an additional 4,423 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of Garrett Motion during the first quarter worth about $42,000. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in Garrett Motion in the 2nd quarter valued at about $61,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Stock Performance

Shares of NYSE GTX opened at $17.43 on Friday. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $17.91. The firm has a market capitalization of $3.39 billion, a P/E ratio of 13.72 and a beta of 0.23. The company’s fifty day moving average is $16.61 and its two-hundred day moving average is $13.81.

Garrett Motion (NYSE:GTX) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. Garrett Motion’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. On average, sell-side analysts forecast that Garrett Motion Inc. will post 1.25 earnings per share for the current fiscal year.

Garrett Motion Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.08 per share. This is a positive change from Garrett Motion’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.8%. Garrett Motion’s dividend payout ratio is presently 20.38%.

Garrett Motion announced that its board has approved a share buyback program on Wednesday, December 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on GTX shares. Zacks Research raised Garrett Motion from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft started coverage on shares of Garrett Motion in a research report on Monday, October 20th. They issued a “hold” rating and a $14.00 price objective on the stock. Stifel Nicolaus upped their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. BWS Financial raised their target price on shares of Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Garrett Motion in a research note on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $18.80.

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.