28,658 Shares in Garrett Motion Inc. $GTX Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. purchased a new stake in shares of Garrett Motion Inc. (NYSE:GTX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 28,658 shares of the company’s stock, valued at approximately $500,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Robeco Institutional Asset Management B.V. bought a new stake in Garrett Motion during the 3rd quarter valued at approximately $5,925,000. Convergence Investment Partners LLC purchased a new position in Garrett Motion in the 3rd quarter worth approximately $1,573,000. Federated Hermes Inc. bought a new position in Garrett Motion in the 3rd quarter worth approximately $1,646,000. JPMorgan Chase & Co. boosted its stake in Garrett Motion by 45.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,705,484 shares of the company’s stock worth $23,229,000 after purchasing an additional 529,949 shares during the period. Finally, Renaissance Group LLC purchased a new stake in Garrett Motion during the 3rd quarter valued at approximately $1,156,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Stock Up 2.4%

GTX stock opened at $18.60 on Thursday. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $21.42. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 14.65 and a beta of 0.31. The firm’s fifty day simple moving average is $18.79 and its two-hundred day simple moving average is $16.99.

Garrett Motion (NYSE:GTX) last released its earnings results on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, topping 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 firm’s quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities research analysts expect that Garrett Motion Inc. will post 1.25 EPS for the current year.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.08 dividend. The ex-dividend date was Monday, March 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. Garrett Motion’s dividend payout ratio (DPR) is presently 21.05%.

Garrett Motion announced that its board has authorized a stock repurchase plan on Wednesday, December 3rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

GTX has been the topic of several recent analyst reports. BWS Financial lifted their price objective on shares of Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. JPMorgan Chase & Co. initiated coverage on Garrett Motion in a research report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price objective for the company. Finally, Stifel Nicolaus lifted their target price on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Insider Transactions at Garrett Motion

In other Garrett Motion news, Director Julia Steyn sold 17,000 shares of Garrett Motion stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total transaction of $337,620.00. Following the completion of the sale, the director directly owned 50,233 shares of the company’s stock, valued at $997,627.38. The trade was a 25.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Olivier Rabiller sold 144,000 shares of the company’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $20.32, for a total value of $2,926,080.00. Following the completion of the sale, the chief executive officer owned 905,546 shares of the company’s stock, valued at $18,400,694.72. This represents a 13.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 337,000 shares of company stock worth $6,839,290. 0.83% of the stock is currently owned by insiders.

Garrett Motion Company 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.