Hsbc Holdings PLC Acquires New Holdings in Garrett Motion Inc. $GTX

Hsbc Holdings PLC bought a new position in Garrett Motion Inc. (NASDAQ:GTX) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 41,394 shares of the company’s stock, valued at approximately $749,000.

Other large investors have also added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its holdings in shares of Garrett Motion by 7,110.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after buying an additional 1,422 shares during the period. Spire Wealth Management boosted its stake in shares of Garrett Motion by 971.2% in the 4th quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock worth $26,000 after buying an additional 1,350 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after acquiring an additional 970 shares during the period. TD Waterhouse Canada Inc. grew its holdings in shares of Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock worth $30,000 after acquiring an additional 1,593 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Garrett Motion by 361.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock valued at $49,000 after acquiring an additional 2,210 shares during the last quarter. Institutional investors own 86.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GTX. Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Wall Street Zen downgraded Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. BWS Financial reiterated a “buy” rating and issued a $42.00 price objective on shares of Garrett Motion in a research note on Monday, July 6th. Finally, Royal Bank Of Canada set a $42.00 price objective on shares of Garrett Motion in a report on Thursday, May 21st. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

Garrett Motion Stock Down 3.8%

NASDAQ GTX opened at $28.78 on Thursday. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 0.89 and a beta of 0.78. The business has a 50-day moving average price of $32.74 and a 200-day moving average price of $24.75. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25.

Garrett Motion (NASDAQ:GTX) last released its earnings results on Wednesday, July 29th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million during the quarter. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 EPS. Research analysts expect that Garrett Motion Inc. will post 1.81 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.08 per share. 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 dividend payout ratio (DPR) is 18.71%.

Insider Activity at Garrett Motion

In related news, SVP Mark Albert Rodrigues sold 6,140 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the transaction, the senior vice president owned 77,038 shares in the company, valued at approximately $2,565,365.40. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the firm’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 directly owned 261,909 shares of the company’s stock, valued at $8,362,754.37. The trade was a 29.58% 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. In the last 90 days, insiders sold 213,834 shares of company stock valued at $6,918,710. Corporate insiders own 1.10% of the company’s stock.

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.