Gamco Investors INC. ET AL reduced its stake in shares of Garrett Motion Inc. (NASDAQ:GTX – Free Report) by 4.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,952,874 shares of the company’s stock after selling 92,954 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Garrett Motion were worth $35,484,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio lifted its holdings in Garrett Motion by 1.2% during the 1st quarter. Public Employees Retirement System of Ohio now owns 536,600 shares of the company’s stock worth $9,750,000 after buying an additional 6,415 shares in the last quarter. Capula Management Ltd acquired a new stake in shares of Garrett Motion in the 1st quarter valued at $2,490,000. Sei Investments Co. increased its stake in shares of Garrett Motion by 22.9% in the 1st quarter. Sei Investments Co. now owns 764,955 shares of the company’s stock valued at $13,899,000 after buying an additional 142,314 shares during the period. State of Wyoming raised its position in shares of Garrett Motion by 16.0% during the first quarter. State of Wyoming now owns 60,365 shares of the company’s stock worth $1,097,000 after acquiring an additional 8,304 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC raised its position in shares of Garrett Motion by 15.5% during the first quarter. Measured Wealth Private Client Group LLC now owns 40,368 shares of the company’s stock worth $733,000 after acquiring an additional 5,412 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.
Garrett Motion Price Performance
Garrett Motion stock opened at $31.51 on Friday. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 0.93 and a beta of 0.78. The company’s 50 day simple moving average is $32.77 and its 200 day simple moving average is $24.45. Garrett Motion Inc. has a fifty-two week low of $12.09 and a fifty-two week high of $36.25.
Garrett Motion Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders 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 dividend yield of 1.0%. Garrett Motion’s payout ratio is 18.71%.
Insider Activity
In related news, CFO Sean Deason sold 110,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. This trade represents a 29.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $31.22, for a total value of $536,297.16. Following the sale, the director directly owned 124,885 shares in the company, valued at $3,898,909.70. The trade was a 12.09% decrease in their position. The SEC filing for this sale provides additional information. 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. Corporate insiders own 1.10% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently issued reports on GTX shares. Stifel Nicolaus raised their price target on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Weiss Ratings started coverage on Garrett Motion in a report on Wednesday, April 29th. They set a “buy (b)” rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. Wall Street Zen cut shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Finally, BWS Financial reissued a “buy” rating and set a $42.00 price target on shares of Garrett Motion in a research note on Monday, July 6th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.40.
Get Our Latest Research Report on Garrett Motion
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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