Principal Financial Group Inc. lifted its position in Garrett Motion Inc. (NASDAQ:GTX – Free Report) by 29.5% in the 1st quarter, Holdings Channel reports. The fund owned 450,934 shares of the company’s stock after acquiring an additional 102,633 shares during the quarter. Principal Financial Group Inc.’s holdings in Garrett Motion were worth $8,193,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in GTX. Jones Financial Companies Lllp purchased a new stake in Garrett Motion in the first quarter worth $42,000. Jane Street Group LLC lifted its position in Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock valued at $761,000 after buying an additional 78,661 shares during the period. Cetera Investment Advisers purchased a new position in Garrett Motion during the second quarter valued at $121,000. Legal & General Group Plc boosted its holdings in shares of Garrett Motion by 30.4% during the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock valued at $1,024,000 after buying an additional 22,727 shares in the last quarter. Finally, Prudential Financial Inc. bought a new stake in shares of Garrett Motion during the 2nd quarter valued at $225,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.
Insider Activity
In other news, Director Daniel A. Ninivaggi sold 17,178 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the sale, the director owned 124,885 shares in the company, valued at $3,898,909.70. This represents a 12.09% decrease in their ownership of the stock. The transaction 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, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the completion of the transaction, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 213,834 shares of company stock worth $6,918,710. Corporate insiders own 1.10% of the company’s stock.
Garrett Motion Stock Performance
Garrett Motion (NASDAQ:GTX – Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.06. The firm had revenue of $985.00 million during the quarter, compared to analyst estimates of $917.23 million. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The company’s quarterly revenue was up 12.2% on a year-over-year basis. As a group, analysts forecast that Garrett Motion Inc. will post 1.81 earnings per share for the current fiscal year.
Garrett Motion Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.08 dividend. 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
GTX has been the topic of a number of recent research reports. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research report on Thursday, May 21st. Wall Street Zen lowered shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. JPMorgan Chase & Co. upped their price objective on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Weiss Ratings began coverage on shares of Garrett Motion in a research note on Wednesday, April 29th. They set a “buy (b)” rating for the company. Finally, Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Garrett Motion has an average rating of “Moderate Buy” and a consensus target price of $35.40.
View Our Latest Stock Report on GTX
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.
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