120,835 Shares in Garrett Motion Inc. $GTX Acquired by Federated Hermes Inc.

Federated Hermes Inc. bought a new position in Garrett Motion Inc. (NYSE:GTX) in the third quarter, HoldingsChannel.com reports. The fund bought 120,835 shares of the company’s stock, valued at approximately $1,646,000.

Other hedge funds have also added to or reduced their stakes in the company. Jones Financial Companies Lllp bought a new stake in shares of Garrett Motion in the first quarter worth $42,000. Tower Research Capital LLC TRC bought a new position in Garrett Motion in the second quarter valued at about $45,000. Amalgamated Bank purchased a new position in Garrett Motion in the second quarter worth about $46,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Garrett Motion by 4,655.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock valued at $47,000 after purchasing an additional 4,423 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Garrett Motion during the 2nd quarter valued at about $61,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GTX has been the topic of a number of research reports. Zacks Research downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft started coverage on shares of Garrett Motion in a report on Monday, October 20th. They set a “hold” rating and a $14.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of Garrett Motion in a research note on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price target on the stock. Stifel Nicolaus upped their price objective on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Finally, BWS Financial raised their target price on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Garrett Motion Price Performance

Shares of NYSE:GTX opened at $18.42 on Thursday. The company has a market capitalization of $3.58 billion, a P/E ratio of 14.50 and a beta of 0.25. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $19.28. The firm’s 50 day simple moving average is $17.63 and its two-hundred day simple moving average is $15.29.

Garrett Motion announced that its board has approved a share buyback plan on Wednesday, December 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.