Norges Bank Buys Shares of 1,677,371 Garrett Motion Inc. $GTX

Norges Bank purchased a new position in Garrett Motion Inc. (NASDAQ:GTX) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 1,677,371 shares of the company’s stock, valued at approximately $29,237,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Hillsdale Investment Management Inc. raised its holdings in shares of Garrett Motion by 0.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 575,950 shares of the company’s stock worth $10,039,000 after buying an additional 4,500 shares during the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Garrett Motion by 9.8% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,110,335 shares of the company’s stock worth $19,353,000 after buying an additional 98,771 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Garrett Motion by 28.9% during the fourth quarter. Intech Investment Management LLC now owns 60,031 shares of the company’s stock worth $1,046,000 after purchasing an additional 13,472 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Garrett Motion by 10.9% during the fourth quarter. Geode Capital Management LLC now owns 3,881,043 shares of the company’s stock worth $67,655,000 after purchasing an additional 380,729 shares during the last quarter. Finally, Smead Capital Management Inc. purchased a new position in shares of Garrett Motion during the fourth quarter worth $4,257,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GTX. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $24.00 target price on shares of Garrett Motion in a report on Friday, May 1st. Stifel Nicolaus lifted their target price on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. BWS Financial lifted their target price on shares of Garrett Motion from $32.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. boosted their price target on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Finally, Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Garrett Motion currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.83.

Garrett Motion Stock Performance

Garrett Motion stock opened at $32.81 on Wednesday. The company’s 50 day simple moving average is $25.65 and its 200-day simple moving average is $20.77. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 1.01 and a beta of 0.79. Garrett Motion Inc. has a 1 year low of $9.57 and a 1 year high of $34.34.

Garrett Motion (NASDAQ:GTX) last released its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. The business had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. Garrett Motion’s revenue for the quarter was up 12.2% compared to the same quarter last year. Equities analysts expect that Garrett Motion Inc. will post 1.83 earnings per share for the current year.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, June 1st. Garrett Motion’s payout ratio is 18.71%.

Insiders Place Their Bets

In other news, CFO Sean Deason sold 110,000 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the completion of the transaction, the chief financial officer owned 261,909 shares in the company, valued at approximately $8,362,754.37. This represents a 29.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 on 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 transaction, the senior vice president owned 147,956 shares of the company’s stock, valued at approximately $4,882,548. The trade was a 32.12% 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. Insiders sold 197,178 shares of company stock worth $6,358,597 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

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.