Garrett Motion Inc. $GTX Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. grew its holdings in Garrett Motion Inc. (NYSE:GTX) by 50.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,979,285 shares of the company’s stock after purchasing an additional 662,774 shares during the quarter. Victory Capital Management Inc. owned about 1.02% of Garrett Motion worth $26,958,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in GTX. LSV Asset Management purchased a new stake in shares of Garrett Motion in the third quarter valued at approximately $58,247,000. William Blair Investment Management LLC lifted its position in Garrett Motion by 51.0% during the third quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company’s stock worth $105,090,000 after buying an additional 2,605,296 shares in the last quarter. Geode Capital Management LLC boosted its stake in Garrett Motion by 92.3% during the second quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company’s stock worth $32,100,000 after buying an additional 1,466,048 shares during the last quarter. Vanguard Group Inc. grew its holdings in Garrett Motion by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,189,811 shares of the company’s stock valued at $57,065,000 after buying an additional 1,205,549 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in Garrett Motion in the 3rd quarter valued at $13,778,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Julia Steyn sold 17,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $19.86, for a total value of $337,620.00. Following the transaction, the director directly owned 50,233 shares in the company, valued at approximately $997,627.38. This represents a 25.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Daniel Deiro sold 20,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $20.29, for a total transaction of $405,800.00. Following the transaction, the senior vice president directly owned 160,994 shares of the company’s stock, valued at $3,266,568.26. The trade was a 11.05% 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 valued at $6,839,290 over the last 90 days. 0.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. JPMorgan Chase & Co. assumed coverage on shares of Garrett Motion in a report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price objective for the company. Stifel Nicolaus raised 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. Finally, BWS Financial boosted their target price 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. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.80.

Garrett Motion Stock Down 0.1%

GTX stock opened at $18.44 on Tuesday. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $21.42. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 14.52 and a beta of 0.31. The business has a fifty day moving average of $18.92 and a two-hundred day moving average of $16.45.

Garrett Motion (NYSE:GTX) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.42 EPS for the quarter, beating the consensus estimate 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 firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Garrett Motion Inc. will post 1.25 EPS for the current year.

Garrett Motion declared that its board has approved a share repurchase 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 a sign that the company’s leadership believes its shares are undervalued.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a $0.08 dividend. The ex-dividend date of this dividend is 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 is presently 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.