Garrett Motion Inc. $GTX Position Increased by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its position in shares of Garrett Motion Inc. (NYSE:GTX) by 50.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 258,734 shares of the company’s stock after buying an additional 87,280 shares during the quarter. Teacher Retirement System of Texas’ holdings in Garrett Motion were worth $2,719,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of GTX. Gates Capital Management Inc. lifted its stake in Garrett Motion by 53.1% during the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company’s stock valued at $56,879,000 after buying an additional 2,358,294 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in Garrett Motion during the first quarter valued at about $12,945,000. Assenagon Asset Management S.A. lifted its stake in Garrett Motion by 574.0% during the second quarter. Assenagon Asset Management S.A. now owns 534,744 shares of the company’s stock valued at $5,620,000 after buying an additional 455,411 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Garrett Motion during the first quarter valued at about $2,206,000. Finally, Knights of Columbus Asset Advisors LLC purchased a new stake in Garrett Motion during the first quarter valued at about $1,884,000. 86.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Stifel Nicolaus set a $20.00 price objective on shares of Garrett Motion in a research note on Friday, October 24th. BWS Financial reissued a “buy” rating and issued a $18.00 price target on shares of Garrett Motion in a research report on Friday, October 24th. BNP Paribas Exane started coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They issued an “outperform” rating and a $14.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Garrett Motion in a research report on Monday, October 20th. They issued a “hold” rating and a $14.00 price target for the company. Finally, Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $16.50.

Garrett Motion Stock Performance

Shares of GTX opened at $16.94 on Monday. The firm has a market cap of $3.29 billion, a PE ratio of 13.34 and a beta of 0.37. The firm’s 50 day moving average price is $13.68 and its 200 day moving average price is $12.06. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $17.57.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. The business’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 EPS. Garrett Motion has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Garrett Motion Inc. will post 1.25 earnings per share for the current fiscal year.

Garrett Motion Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 1st. This is a boost from Garrett Motion’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 1.9%. Garrett Motion’s payout ratio is 20.38%.

Insider Activity at Garrett Motion

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total transaction of $110,430,000.00. Following the transaction, the insider owned 4,740,569 shares of the company’s stock, valued at approximately $58,166,781.63. This trade represents a 65.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $13.00, for a total transaction of $16,900,000.00. Following the transaction, the insider directly owned 21,128,348 shares in the company, valued at approximately $274,668,524. The trade was a 5.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 11,418,403 shares of company stock worth $142,169,564. Insiders own 0.83% of the company’s stock.

Garrett Motion Company Profile

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.