Picton Mahoney Asset Management Acquires New Stake in Garrett Motion Inc. $GTX

Picton Mahoney Asset Management acquired a new stake in Garrett Motion Inc. (NYSE:GTX) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 68,573 shares of the company’s stock, valued at approximately $933,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. William Blair Investment Management LLC grew its stake in 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 valued at $105,090,000 after acquiring an additional 2,605,296 shares in the last quarter. LSV Asset Management acquired a new stake in Garrett Motion in the 3rd quarter valued at about $58,247,000. Vanguard Group Inc. lifted its stake in Garrett Motion by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,189,811 shares of the company’s stock worth $57,065,000 after purchasing an additional 1,205,549 shares in the last quarter. Geode Capital Management LLC lifted its stake in Garrett Motion by 92.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company’s stock worth $32,100,000 after purchasing an additional 1,466,048 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Garrett Motion by 50.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,979,285 shares of the company’s stock worth $26,958,000 after purchasing an additional 662,774 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GTX shares. JPMorgan Chase & Co. began coverage on Garrett Motion in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price target for the company. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. BWS Financial raised 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. Finally, Stifel Nicolaus lifted their price target on Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Activity at Garrett Motion

In related news, CEO Olivier Rabiller sold 144,000 shares of Garrett Motion stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $20.32, for a total value of $2,926,080.00. Following the completion of the transaction, the chief executive officer owned 905,546 shares in the company, valued at $18,400,694.72. The trade was a 13.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Julia Steyn sold 17,000 shares of Garrett Motion stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total transaction of $337,620.00. Following the completion of the transaction, the director owned 50,233 shares of the company’s stock, valued at $997,627.38. This represents a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 337,000 shares of company stock worth $6,839,290 in the last three months. 0.83% of the stock is owned by company insiders.

Garrett Motion Stock Down 2.2%

Shares of NYSE GTX opened at $18.46 on Friday. The business’s 50 day moving average is $18.90 and its two-hundred day moving average is $16.37. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $21.42. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 14.54 and a beta of 0.31.

Garrett Motion (NYSE:GTX) last released its quarterly earnings results on Thursday, February 19th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The business’s revenue was up 5.6% on a year-over-year basis. Analysts anticipate that Garrett Motion Inc. will post 1.25 EPS for the current fiscal year.

Garrett Motion Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.32 annualized dividend and a yield of 1.7%. Garrett Motion’s dividend payout ratio is presently 21.05%.

Garrett Motion announced that its Board of Directors has authorized a share buyback plan on Wednesday, December 3rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.