Renaissance Technologies LLC Has $6.16 Million Stake in Garrett Motion Inc. $GTX

Renaissance Technologies LLC lowered its position in Garrett Motion Inc. (NASDAQ:GTX) by 66.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 338,900 shares of the company’s stock after selling 673,500 shares during the period. Renaissance Technologies LLC’s holdings in Garrett Motion were worth $6,158,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its stake in Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after acquiring an additional 1,422 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of Garrett Motion by 156.7% during 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 last quarter. TD Waterhouse Canada Inc. raised its holdings in shares of Garrett Motion by 1,422.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock valued at $30,000 after purchasing an additional 1,593 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Garrett Motion by 361.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock valued at $49,000 after purchasing an additional 2,210 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of Garrett Motion in the 1st quarter valued at $60,000. Institutional investors own 86.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GTX shares. Stifel Nicolaus upped their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Weiss Ratings restated a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Wall Street Zen cut Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and upped their price target for the stock from $33.00 to $36.00 in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $37.80.

Garrett Motion Stock Up 2.7%

Shares of NASDAQ:GTX opened at $31.43 on Wednesday. The business has a 50 day moving average price of $32.55 and a 200 day moving average price of $25.09. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 0.81 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.53 EPS for the quarter, topping the consensus estimate 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 company had revenue of $976.00 million for the quarter. During the same period in the prior year, the firm earned $0.42 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Analysts anticipate that Garrett Motion Inc. will post 1.86 EPS for the current year.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio (DPR) is presently 17.58%.

Insider Activity at Garrett Motion

In related news, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction on 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the transaction, the director owned 124,885 shares of the company’s stock, valued at approximately $3,898,909.70. The trade was a 12.09% 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. Over the last ninety days, insiders sold 213,834 shares of company stock worth $6,918,710. 1.10% of the stock is owned by insiders.

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.