Fifth Third Bancorp Acquires 254,836 Shares of Garrett Motion Inc. $GTX

Fifth Third Bancorp raised its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX) by 59,961.4% during the first quarter, HoldingsChannel reports. The fund owned 255,261 shares of the company’s stock after purchasing an additional 254,836 shares during the quarter. Fifth Third Bancorp’s holdings in Garrett Motion were worth $4,638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Comerica Bank lifted its holdings in Garrett Motion by 22.0% during the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after purchasing an additional 45,370 shares in the last quarter. Wesbanco Bank Inc. grew its holdings in Garrett Motion by 75.0% during the 4th quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock valued at $1,831,000 after buying an additional 45,000 shares in the last quarter. Smead Capital Management Inc. bought a new stake in shares of Garrett Motion during the fourth quarter valued at about $4,257,000. Norges Bank bought a new stake in shares of Garrett Motion during the fourth quarter valued at about $29,237,000. Finally, Aristeia Capital L.L.C. purchased a new stake in shares of Garrett Motion in the fourth quarter worth about $912,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Garrett Motion Price Performance

Shares of GTX opened at $31.77 on Friday. Garrett Motion Inc. has a 1 year low of $11.43 and a 1 year high of $36.25. The stock has a 50 day simple moving average of $32.66 and a two-hundred day simple moving average of $23.95. The firm has a market cap of $5.95 billion, a P/E ratio of 18.58, a P/E/G ratio of 0.93 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.43 by $0.06. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, equities analysts anticipate that Garrett Motion Inc. will post 1.82 earnings per share for the current year.

Garrett Motion Announces Dividend

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

Insider Buying and Selling

In related news, Director Daniel A. Ninivaggi sold 17,178 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $31.22, for a total transaction of $536,297.16. Following the completion of the sale, the director directly owned 124,885 shares in the company, valued at $3,898,909.70. This represents a 12.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 10,516 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $33.82, for a total value of $355,651.12. Following the transaction, the senior vice president owned 83,178 shares in the company, 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 sold a total of 213,834 shares of company stock valued at $6,918,710 over the last three months. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Wall Street Zen lowered shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Freedom Capital cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. BWS Financial reissued a “buy” rating and set a $42.00 price objective on shares of Garrett Motion in a research note on Monday, July 6th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $24.00 target price on shares of Garrett Motion in a research report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Garrett Motion presently has an average rating of “Moderate Buy” and an average price target 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.