Castleark Management LLC Decreases Stake in Garrett Motion Inc. $GTX

Castleark Management LLC lessened its position in shares of Garrett Motion Inc. (NASDAQ:GTX) by 5.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 488,000 shares of the company’s stock after selling 26,400 shares during the period. Castleark Management LLC’s holdings in Garrett Motion were worth $8,867,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Comerica Bank increased its holdings in Garrett Motion by 22.0% in the fourth quarter. Comerica Bank now owns 251,371 shares of the company’s stock valued at $4,381,000 after buying an additional 45,370 shares during the last quarter. Wesbanco Bank Inc. lifted 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 worth $1,831,000 after buying an additional 45,000 shares during the last quarter. Smead Capital Management Inc. purchased a new stake in Garrett Motion during the 4th quarter worth about $4,257,000. Norges Bank acquired a new position in shares of Garrett Motion during the 4th quarter worth about $29,237,000. Finally, Carmel Capital Management L.L.C. acquired a new position in shares of Garrett Motion during the 1st quarter worth about $5,719,000. 86.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on GTX shares. Weiss Ratings started coverage on Garrett Motion in a research report on Wednesday, April 29th. They set a “buy (b)” rating on the stock. Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a research note on Thursday, May 21st. Wall Street Zen cut shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Finally, Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.40.

Insider Activity

In other news, CFO Sean Deason sold 110,000 shares of the 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 directly 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. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total value 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 $2,565,365.40. This represents a 7.38% decrease in their ownership of the stock. 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 three months. 1.10% of the stock is currently owned by company insiders.

Garrett Motion Price Performance

NASDAQ GTX opened at $31.51 on Monday. The company has a fifty day moving average of $32.77 and a two-hundred day moving average of $24.50. The company has a market capitalization of $5.90 billion, a PE ratio of 18.43, a P/E/G ratio of 0.93 and a beta of 0.78. Garrett Motion Inc. has a 1 year low of $12.09 and a 1 year high of $36.25.

Garrett Motion (NASDAQ:GTX) last announced its earnings results on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.06. The business had revenue of $985.00 million for the quarter, compared to analyst estimates of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, research analysts expect that Garrett Motion Inc. will post 1.81 earnings per share for the current year.

Garrett Motion Dividend Announcement

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

Garrett Motion 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.