Hsbc Holdings PLC acquired a new position in Garrett Motion Inc. (NASDAQ:GTX – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 51,885 shares of the company’s stock, valued at approximately $1,864,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in GTX. Persistent Asset Partners Ltd purchased a new stake in shares of Garrett Motion during the 2nd quarter worth about $27,000. Cullen Frost Bankers Inc. raised its holdings 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 purchasing an additional 1,422 shares during the period. Global Retirement Partners LLC raised its holdings in Garrett Motion by 156.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after purchasing an additional 970 shares during the period. Allworth Financial LP purchased a new position in Garrett Motion during the second quarter worth approximately $64,000. Finally, PNC Financial Services Group Inc. boosted its position in Garrett Motion by 361.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock worth $49,000 after purchasing an additional 2,210 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on GTX. Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Stifel Nicolaus lifted their price objective on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Finally, Royal Bank Of Canada set a $42.00 price objective on Garrett Motion in a research note on Thursday, May 21st. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Garrett Motion has an average rating of “Moderate Buy” and a consensus price target of $38.60.
Insiders Place Their Bets
In other news, 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 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 position. The sale was disclosed in a legal 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, SVP Mark Albert Rodrigues sold 6,140 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the sale, the senior vice president directly owned 77,038 shares of the company’s stock, valued at approximately $2,565,365.40. This trade represents a 7.38% 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. Insiders sold a total of 126,656 shares of company stock valued at $4,072,413 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.
Garrett Motion Price Performance
GTX opened at $26.66 on Monday. The company’s 50 day simple moving average is $30.79 and its two-hundred day simple moving average is $26.33. Garrett Motion Inc. has a 1-year low of $12.26 and a 1-year high of $36.25. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 0.68 and a beta of 0.82.
Garrett Motion (NASDAQ:GTX – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.07. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The business had revenue of $976.00 million during the quarter. During the same quarter last year, the company earned $0.42 earnings per share. Garrett Motion’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts anticipate that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.
Garrett Motion Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date is Tuesday, September 1st. Garrett Motion’s dividend payout ratio is presently 17.58%.
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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