Legal & General Group Plc Makes New $5.75 Million Investment in Garrett Motion Inc. $GTX

Legal & General Group Plc bought a new stake in Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 158,725 shares of the company’s stock, valued at approximately $5,751,000. Legal & General Group Plc owned approximately 0.09% of Garrett Motion at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Jones Financial Companies Lllp purchased a new stake in Garrett Motion in the first quarter valued at $42,000. Jane Street Group LLC grew its holdings in shares of Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after purchasing an additional 78,661 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Garrett Motion during the second quarter worth about $121,000. Prudential Financial Inc. purchased a new stake in shares of Garrett Motion in the 2nd quarter valued at about $225,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Garrett Motion in the 2nd quarter valued at about $423,000. 86.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GTX has been the topic of several research analyst reports. Stifel Nicolaus lifted their price target on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research report on Thursday, May 21st. BWS Financial reaffirmed a “buy” rating and issued a $42.00 target price on shares of Garrett Motion in a report on Thursday, July 30th. Wall Street Zen cut shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Garrett Motion from a “hold” rating to a “buy” rating and raised their price objective for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Garrett Motion currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.60.

Garrett Motion Trading Up 1.2%

Shares of GTX stock opened at $27.33 on Friday. The company has a market capitalization of $5.10 billion, a P/E ratio of 15.02, a price-to-earnings-growth ratio of 0.69 and a beta of 0.79. The business’s 50 day moving average is $30.22 and its two-hundred day moving average is $26.51. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million during the quarter. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.Garrett Motion’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 earnings per share. As a group, equities analysts predict that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.08 dividend. 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 Transactions at Garrett Motion

In other Garrett Motion news, SVP Mark Rodrigues sold 10,516 shares of Garrett Motion stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $33.82, for a total value of $355,651.12. Following the sale, the senior vice president owned 83,178 shares of the company’s stock, valued at approximately $2,813,079.96. The trade was a 11.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Daniel Deiro sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $26.70, for a total value of $801,000.00. Following the transaction, the senior vice president owned 133,783 shares in the company, valued at $3,572,006.10. The trade was a 18.32% 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. Over the last quarter, insiders have sold 66,656 shares of company stock worth $1,898,913. Company insiders own 1.10% of the company’s stock.

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.