31,451 Shares in Garrett Motion Inc. $GTX Acquired by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Garrett Motion Inc. (NYSE:GTX) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 31,451 shares of the company’s stock, valued at approximately $428,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. LSV Asset Management purchased a new position in shares of Garrett Motion during the third quarter worth $58,247,000. Geode Capital Management LLC grew its position in Garrett Motion by 92.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company’s stock worth $32,100,000 after purchasing an additional 1,466,048 shares during the period. Vanguard Group Inc. grew its position in Garrett Motion by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,189,811 shares of the company’s stock worth $57,065,000 after purchasing an additional 1,205,549 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of Garrett Motion during the 3rd quarter valued at about $13,778,000. Finally, Marshall Wace LLP lifted its holdings in shares of Garrett Motion by 103.4% in the 2nd quarter. Marshall Wace LLP now owns 1,846,068 shares of the company’s stock valued at $19,402,000 after buying an additional 938,312 shares during the period. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Garrett Motion Stock Performance

Garrett Motion stock opened at $20.27 on Wednesday. The stock has a market capitalization of $3.85 billion, a P/E ratio of 15.96 and a beta of 0.33. The company’s fifty day moving average price is $18.53 and its 200 day moving average price is $16.03. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $21.42.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. The company’s revenue was up 5.6% compared to the same quarter last year. Sell-side analysts predict that Garrett Motion Inc. will post 1.25 EPS for the current year.

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.6%. Garrett Motion’s dividend payout ratio is presently 21.05%.

Garrett Motion declared that its board has approved a stock buyback plan on Wednesday, December 3rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

GTX has been the topic of several analyst reports. BWS Financial raised their target price on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. JPMorgan Chase & Co. initiated coverage on shares of Garrett Motion in a report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 target price for the company. Finally, Stifel Nicolaus increased their price target on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.