S Squared Technology LLC Invests $7.79 Billion in Garrett Motion Inc. $GTX

S Squared Technology LLC purchased a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 215,000 shares of the company’s stock, valued at approximately $7,789,450,000. Garrett Motion accounts for about 2.4% of S Squared Technology LLC’s investment portfolio, making the stock its 17th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTX. Comerica Bank raised its holdings in shares of Garrett Motion by 22.0% during the fourth quarter. Comerica Bank now owns 251,371 shares of the company’s stock valued at $4,381,000 after acquiring an additional 45,370 shares during the last quarter. Wesbanco Bank Inc. increased its position in shares of Garrett Motion by 75.0% during the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock worth $1,831,000 after purchasing an additional 45,000 shares in the last quarter. Smead Capital Management Inc. acquired a new position in Garrett Motion in the 4th quarter valued at $4,257,000. Carmel Capital Management L.L.C. purchased a new position in Garrett Motion in the 1st quarter valued at $5,719,000. Finally, Norges Bank purchased a new position in Garrett Motion in the 4th quarter valued at $29,237,000. 86.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Freedom Capital cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. increased their target price on shares of Garrett Motion from $33.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Wall Street Zen downgraded shares of 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. Finally, Deutsche Bank Aktiengesellschaft raised shares of Garrett Motion from a “hold” rating to a “buy” rating and upped their price objective for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.60.

Garrett Motion Stock Performance

NASDAQ:GTX opened at $25.84 on Tuesday. Garrett Motion Inc. has a one year low of $12.26 and a one year high of $36.25. The stock has a market cap of $4.82 billion, a PE ratio of 14.20, a P/E/G ratio of 0.68 and a beta of 0.82. The stock has a 50 day moving average price of $31.38 and a 200 day moving average price of $26.10.

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

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.2%. Garrett Motion’s payout ratio is presently 17.58%.

Insider Activity

In related news, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction dated 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 owned 83,178 shares of the company’s stock, valued at approximately $2,813,079.96. This represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the completion of the sale, the senior vice president directly owned 147,956 shares of the company’s stock, valued at $4,882,548. This represents a 32.12% decrease in their position. 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 quarter, insiders have sold 196,656 shares of company stock valued at $6,382,413. 1.10% of the stock is currently owned by insiders.

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.