Hsbc Holdings PLC acquired a new position in shares of Garrett Motion Inc. (NASDAQ:GTX – Free Report) during the 1st quarter, Holdings Channel reports. The fund acquired 41,394 shares of the company’s stock, valued at approximately $749,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of GTX. Fuller & Thaler Asset Management Inc. bought a new stake in Garrett Motion in the fourth quarter worth $180,383,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Garrett Motion by 170.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company’s stock worth $89,580,000 after buying an additional 3,241,952 shares in the last quarter. Merewether Investment Management LP purchased a new position in shares of Garrett Motion in the 3rd quarter worth $40,590,000. BlueCrest Capital Management Ltd bought a new stake in shares of Garrett Motion in the 3rd quarter worth about $36,539,000. Finally, Apis Capital Advisors LLC raised its position in shares of Garrett Motion by 1,492.9% during the 4th quarter. Apis Capital Advisors LLC now owns 2,230,000 shares of the company’s stock valued at $38,869,000 after buying an additional 2,090,000 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors.
Garrett Motion Stock Down 3.8%
Shares of NASDAQ:GTX opened at $28.78 on Thursday. Garrett Motion Inc. has a 52-week low of $12.26 and a 52-week high of $36.25. The stock has a market cap of $5.39 billion, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 0.89 and a beta of 0.78. The business’s 50 day moving average is $32.74 and its 200 day moving average is $24.75.
Garrett Motion Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.1%. Garrett Motion’s dividend payout ratio (DPR) is currently 18.71%.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Royal Bank Of Canada set a $42.00 target price on Garrett Motion in a report on Thursday, May 21st. Wall Street Zen downgraded Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Finally, BWS Financial restated a “buy” rating and set a $42.00 price target on shares of Garrett Motion in a report on Monday, July 6th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to 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
Insider Transactions at Garrett Motion
In other Garrett Motion news, SVP Thierry Mabru sold 70,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the transaction, the senior vice president owned 147,956 shares of the company’s stock, valued at approximately $4,882,548. This trade represents a 32.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 dated Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the completion of the sale, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. This represents a 29.58% decrease in their position. 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. Over the last three months, insiders have sold 213,834 shares of company stock valued at $6,918,710. Insiders own 1.10% of the company’s stock.
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.
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