Grantham Mayo Van Otterloo & Co. LLC Takes $532,000 Position in Garrett Motion Inc. $GTX

Grantham Mayo Van Otterloo & Co. LLC acquired a new position in shares of Garrett Motion Inc. (NYSE:GTX) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 39,085 shares of the company’s stock, valued at approximately $532,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. LSV Asset Management acquired a new stake in Garrett Motion in the third quarter valued at $58,247,000. William Blair Investment Management LLC boosted its position in shares of Garrett Motion by 51.0% during the 3rd quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company’s stock worth $105,090,000 after acquiring an additional 2,605,296 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Garrett Motion by 92.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company’s stock worth $32,100,000 after acquiring an additional 1,466,048 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Garrett Motion by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,189,811 shares of the company’s stock valued at $57,065,000 after acquiring an additional 1,205,549 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of Garrett Motion in the 3rd quarter valued at about $13,778,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Insider Activity

In other news, CEO Olivier Rabiller sold 144,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the transaction, the chief executive officer directly owned 905,546 shares in the company, valued at approximately $18,400,694.72. This trade represents a 13.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Julia Steyn sold 17,000 shares of Garrett Motion stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $19.86, for a total transaction of $337,620.00. Following the completion of the transaction, the director directly owned 50,233 shares in the company, valued at $997,627.38. The trade was a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 337,000 shares of company stock valued at $6,839,290. 0.83% of the stock is currently owned by company insiders.

Garrett Motion Stock Performance

GTX opened at $18.11 on Thursday. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $21.42. The stock has a market capitalization of $3.44 billion, a P/E ratio of 14.26 and a beta of 0.31. The business’s 50-day simple moving average is $18.94 and its 200-day simple moving average is $16.50.

Garrett Motion (NYSE:GTX) last announced its earnings results on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.Garrett Motion’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities research analysts forecast that Garrett Motion Inc. will post 1.25 EPS for the current fiscal year.

Garrett Motion declared that its board has approved a share repurchase plan on Wednesday, December 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Garrett Motion Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, March 2nd. Garrett Motion’s dividend payout ratio is presently 21.05%.

Analysts Set New Price Targets

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

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.