Walleye Capital LLC Takes Position in Garrett Motion Inc. $GTX

Walleye Capital LLC acquired a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 93,801 shares of the company’s stock, valued at approximately $3,398,000.

Several other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp acquired a new position in Garrett Motion in the first quarter valued at $42,000. Jane Street Group LLC grew its holdings in Garrett Motion by 641.7% during the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after acquiring an additional 78,661 shares during the period. Cetera Investment Advisers acquired a new stake in Garrett Motion during the 2nd quarter worth about $121,000. Legal & General Group Plc raised its position in shares of Garrett Motion by 30.4% in the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock worth $1,024,000 after acquiring an additional 22,727 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in shares of Garrett Motion in the 2nd quarter worth about $225,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $31.93, for a total value 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 trade represents a 29.58% decrease in their ownership of the stock. The sale was disclosed in a legal 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 10,516 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $33.82, for a total value of $355,651.12. Following the completion of the sale, the senior vice president directly owned 83,178 shares of the company’s stock, valued at $2,813,079.96. This trade represents a 11.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 196,656 shares of company stock valued at $6,382,413. 1.10% of the stock is owned by company insiders.

Garrett Motion Trading Up 1.1%

GTX opened at $29.00 on Friday. Garrett Motion Inc. has a 1-year low of $12.26 and a 1-year high of $36.25. The company has a market cap of $5.41 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 0.74 and a beta of 0.82. The company has a fifty day moving average price of $32.10 and a two-hundred day moving average price of $25.68.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million for the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. Garrett Motion’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 EPS. On average, research analysts forecast that Garrett Motion Inc. will post 1.91 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s payout ratio is presently 17.58%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Freedom Capital lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. raised their target price on Garrett Motion from $33.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. BWS Financial reiterated a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a report on Thursday, July 30th. Royal Bank Of Canada set a $42.00 price target on Garrett Motion in a research note on Thursday, May 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and increased their price target for the stock from $33.00 to $36.00 in a report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Garrett Motion presently has an average rating of “Moderate Buy” and a consensus price target of $38.60.

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.