VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.24 Million in Garrett Motion Inc. $GTX

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Garrett Motion Inc. (NASDAQ:GTX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 34,100 shares of the company’s stock, valued at approximately $1,235,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp acquired a new position in Garrett Motion in the 1st quarter worth about $42,000. Jane Street Group LLC grew its holdings in shares of Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after purchasing an additional 78,661 shares during the last quarter. Cetera Investment Advisers bought a new stake in shares of Garrett Motion during the second quarter worth about $121,000. Legal & General Group Plc increased its stake in shares of Garrett Motion by 30.4% in the second quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock valued at $1,024,000 after buying an additional 22,727 shares during the period. Finally, Prudential Financial Inc. acquired a new position in shares of Garrett Motion in the second quarter valued at approximately $225,000. Institutional investors own 86.27% of the company’s stock.

Insider Activity

In other Garrett Motion news, SVP Daniel Deiro sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $26.89, for a total value of $537,800.00. Following the completion of the sale, the senior vice president owned 113,783 shares of the company’s stock, valued at approximately $3,059,624.87. This trade represents a 14.95% 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 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 trade represents a 7.38% 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. Over the last 90 days, insiders sold 56,140 shares of company stock valued at $1,543,262. 1.10% of the stock is currently owned by company insiders.

Garrett Motion Trading Up 1.6%

Shares of Garrett Motion stock opened at $27.62 on Friday. The company has a market cap of $5.15 billion, a P/E ratio of 15.18, a PEG ratio of 0.71 and a beta of 0.79. The business has a 50-day moving average price of $29.48 and a two-hundred day moving average price of $26.79. Garrett Motion Inc. has a 1-year low of $12.26 and a 1-year high of $36.25.

Garrett Motion (NASDAQ:GTX) last released its 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. The company 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%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 EPS. Equities research analysts forecast that Garrett Motion Inc. will post 1.91 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The company also recently announced 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 1.2%. Garrett Motion’s dividend payout ratio (DPR) is currently 17.58%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on GTX shares. JPMorgan Chase & Co. lifted their target price on shares of Garrett Motion from $33.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. BWS Financial restated a “buy” rating and issued a $42.00 price target on shares of Garrett Motion in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $36.00 in a report on Thursday, July 30th. Finally, Royal Bank Of Canada set a $42.00 price objective on shares of Garrett Motion in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $38.60.

About Garrett Motion

Garrett Motion Inc is a technology company that develops products and software for the automotive and commercial vehicle industries. Its portfolio is focused on improving vehicle performance, fuel efficiency, emissions control and electrification.

The company’s products include turbochargers, electric boosting systems, fuel-cell compressors, thermal-management technologies and related automotive software. Garrett supplies components and systems for passenger vehicles, commercial vehicles and motorsports applications, while also serving the automotive aftermarket.

Garrett Motion has roots in Honeywell’s transportation systems business and became an independent publicly traded company in 2018.