Allspring Global Investments Holdings LLC Purchases Shares of 1,163,557 Garrett Motion Inc. $GTX

Allspring Global Investments Holdings LLC acquired a new position in Garrett Motion Inc. (NYSE:GTX) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,163,557 shares of the company’s stock, valued at approximately $20,223,000. Allspring Global Investments Holdings LLC owned about 0.60% of Garrett Motion as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. William Blair Investment Management LLC lifted its stake in Garrett Motion by 51.0% in the third quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company’s stock worth $105,090,000 after purchasing an additional 2,605,296 shares during the last quarter. LSV Asset Management bought a new stake in shares of Garrett Motion in the 3rd quarter valued at about $58,247,000. Vanguard Group Inc. boosted its holdings in Garrett Motion by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,189,811 shares of the company’s stock valued at $57,065,000 after acquiring an additional 1,205,549 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Garrett Motion by 2.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,186,089 shares of the company’s stock valued at $43,390,000 after acquiring an additional 70,155 shares during the period. Finally, Merewether Investment Management LP bought a new position in Garrett Motion during the 3rd quarter worth approximately $40,590,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Insider Buying and Selling

In related news, SVP Daniel Deiro sold 20,000 shares of Garrett Motion stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $20.29, for a total transaction of $405,800.00. Following the completion of the transaction, the senior vice president directly owned 160,994 shares of the company’s stock, valued at $3,266,568.26. This trade represents a 11.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Julia Steyn sold 17,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total value of $337,620.00. Following the completion of the sale, the director owned 50,233 shares in the company, valued at $997,627.38. The trade was a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 337,000 shares of company stock worth $6,839,290 in the last three months. 0.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Stifel Nicolaus lifted their target price on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. BWS Financial upped their price target on shares of Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Garrett Motion in a research report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price target for the company. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Garrett Motion Price Performance

GTX stock opened at $18.41 on Friday. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $21.42. The firm has a 50-day moving average of $18.80 and a 200 day moving average of $17.06. The company has a market cap of $3.50 billion, a P/E ratio of 14.50 and a beta of 0.44.

Garrett Motion (NYSE:GTX) last posted its earnings results on Thursday, February 19th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The company’s revenue was up 5.6% on a year-over-year basis. On average, equities research analysts expect that Garrett Motion Inc. will post 1.25 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

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

Garrett Motion 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.