Garrett Motion Inc. $GTX Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC reduced its position in Garrett Motion Inc. (NASDAQ:GTX) by 12.3% in the 1st quarter, Holdings Channel reports. The fund owned 897,304 shares of the company’s stock after selling 126,200 shares during the period. Gabelli Funds LLC’s holdings in Garrett Motion were worth $16,304,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GTX. Public Employees Retirement System of Ohio grew its position in shares of Garrett Motion by 1.2% in the first quarter. Public Employees Retirement System of Ohio now owns 536,600 shares of the company’s stock valued at $9,750,000 after purchasing an additional 6,415 shares during the period. Capula Management Ltd acquired a new position in shares of Garrett Motion during the 1st quarter valued at about $2,490,000. Sei Investments Co. lifted its holdings in shares of Garrett Motion by 22.9% during the 1st quarter. Sei Investments Co. now owns 764,955 shares of the company’s stock worth $13,899,000 after acquiring an additional 142,314 shares during the period. State of Wyoming lifted its holdings in shares of Garrett Motion by 16.0% during the 1st quarter. State of Wyoming now owns 60,365 shares of the company’s stock worth $1,097,000 after acquiring an additional 8,304 shares during the period. Finally, Measured Wealth Private Client Group LLC boosted its position in shares of Garrett Motion by 15.5% in the first quarter. Measured Wealth Private Client Group LLC now owns 40,368 shares of the company’s stock worth $733,000 after acquiring an additional 5,412 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Daniel A. Ninivaggi sold 17,178 shares of Garrett Motion stock in a transaction on Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the sale, the director owned 124,885 shares in the company, valued at approximately $3,898,909.70. The trade was a 12.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total transaction of $204,462.00. Following the transaction, the senior vice president directly owned 77,038 shares in the company, valued at $2,565,365.40. The trade was a 7.38% 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. Insiders sold 213,834 shares of company stock worth $6,918,710 over the last three months. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. BWS Financial reaffirmed a “buy” rating and set a $42.00 price target on shares of Garrett Motion in a research report on Monday, July 6th. Freedom Capital cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Wall Street Zen cut Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Finally, Royal Bank Of Canada set a $42.00 price target on Garrett Motion in a research note on Thursday, May 21st. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Garrett Motion currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

Garrett Motion Trading Down 0.0%

Shares of GTX stock opened at $31.51 on Friday. The company’s fifty day simple moving average is $32.77 and its 200-day simple moving average is $24.45. Garrett Motion Inc. has a 52 week low of $12.09 and a 52 week high of $36.25. The company has a market cap of $5.90 billion, a PE ratio of 18.43, a P/E/G ratio of 0.93 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.06. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $917.23 million. Garrett Motion’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities 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 announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio is presently 18.71%.

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.