Principal Financial Group Inc. Makes New $1.69 Million Investment in Garrett Motion Inc. $GTX

Principal Financial Group Inc. bought a new stake in Garrett Motion Inc. (NYSE:GTX) during the 3rd quarter, Holdings Channel reports. The firm bought 123,823 shares of the company’s stock, valued at approximately $1,686,000.

Other large investors have also modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Garrett Motion by 92.3% during the second quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company’s stock worth $32,100,000 after purchasing an additional 1,466,048 shares during the period. Eubel Brady & Suttman Asset Management Inc. lifted its stake in shares of Garrett Motion by 37.1% in the 2nd quarter. Eubel Brady & Suttman Asset Management Inc. now owns 2,925,770 shares of the company’s stock worth $30,750,000 after acquiring an additional 791,177 shares during the period. Marshall Wace LLP lifted its stake in shares of Garrett Motion by 103.4% in the 2nd quarter. Marshall Wace LLP now owns 1,846,068 shares of the company’s stock worth $19,402,000 after acquiring an additional 938,312 shares during the period. Loomis Sayles & Co. L P boosted its holdings in shares of Garrett Motion by 2.6% in the second quarter. Loomis Sayles & Co. L P now owns 1,619,180 shares of the company’s stock valued at $17,018,000 after acquiring an additional 41,214 shares in the last quarter. Finally, Frontier Capital Management Co. LLC increased its stake in shares of Garrett Motion by 32.1% during the second quarter. Frontier Capital Management Co. LLC now owns 1,255,929 shares of the company’s stock worth $13,200,000 after acquiring an additional 305,268 shares during the period. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Price Performance

Shares of NYSE:GTX opened at $20.62 on Wednesday. The business’s 50 day simple moving average is $18.26 and its 200-day simple moving average is $15.79. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 16.24 and a beta of 0.33. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $21.42.

Garrett Motion declared that its board has initiated a stock repurchase program on Wednesday, December 3rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Garrett Motion Company 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.