Arrowstreet Capital Limited Partnership Trims Holdings in Garrett Motion Inc. $GTX

Arrowstreet Capital Limited Partnership reduced its position in shares of Garrett Motion Inc. (NASDAQ:GTX) by 25.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,821,584 shares of the company’s stock after selling 1,317,855 shares during the period. Arrowstreet Capital Limited Partnership owned 2.04% of Garrett Motion worth $69,438,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Cullen Frost Bankers Inc. grew its stake in Garrett Motion by 7,110.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after acquiring an additional 1,422 shares during the period. Spire Wealth Management boosted its holdings in shares of Garrett Motion by 971.2% during the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock worth $26,000 after purchasing an additional 1,350 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after purchasing an additional 970 shares during the period. TD Waterhouse Canada Inc. grew its position in shares of Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock valued at $30,000 after purchasing an additional 1,593 shares during the period. Finally, Jones Financial Companies Lllp acquired a new position in Garrett Motion in the first quarter valued at $42,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the transaction, the chief financial officer owned 261,909 shares in the company, valued at $8,362,754.37. The trade was a 29.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $33.82, for a total transaction of $355,651.12. Following the completion of the transaction, the senior vice president directly owned 83,178 shares of the company’s stock, valued at approximately $2,813,079.96. The trade was a 11.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 213,834 shares of company stock worth $6,918,710 in the last 90 days. 1.10% of the stock is owned by insiders.

Garrett Motion Price Performance

GTX opened at $31.51 on Monday. Garrett Motion Inc. has a 52-week low of $12.09 and a 52-week high of $36.25. The company has a 50 day moving average of $32.77 and a two-hundred day moving average of $24.50. The company has a market cap of $5.90 billion, a P/E ratio of 18.43, a P/E/G ratio of 0.93 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX) last issued its earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. The business had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. Research analysts anticipate that Garrett Motion Inc. will post 1.81 earnings per share for the current year.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 annualized dividend and a yield of 1.0%. Garrett Motion’s payout ratio is 18.71%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GTX. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Stifel Nicolaus upped their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings initiated coverage on shares of Garrett Motion in a report on Wednesday, April 29th. They set a “buy (b)” rating on the stock. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research report on Thursday, May 21st. Finally, BWS Financial reissued a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a research report on Monday, July 6th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

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.