Sanctuary Advisors LLC Takes Position in Garrett Motion Inc. $GTX

Sanctuary Advisors LLC purchased a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 24,383 shares of the company’s stock, valued at approximately $883,000.

Several other hedge funds have also made changes to their positions in GTX. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Garrett Motion during the 2nd quarter valued at approximately $220,000. Twin Tree Management LP bought a new position in Garrett Motion during the 2nd quarter worth $2,053,000. Quantbot Technologies LP acquired a new stake in Garrett Motion in the second quarter worth $326,000. Evolve Private Wealth LLC acquired a new stake in Garrett Motion in the second quarter worth $1,266,000. Finally, Orchard Capital Management LLC bought a new stake in Garrett Motion in the second quarter valued at $3,665,000. Institutional investors own 86.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on GTX shares. Stifel Nicolaus upped their price target on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garrett Motion in a research report on Friday, July 24th. Deutsche Bank Aktiengesellschaft raised shares of Garrett Motion from a “hold” rating to a “buy” rating and boosted their target price for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised their price target on shares of Garrett Motion from $33.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Finally, Wall Street Zen lowered shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.60.

Insiders Place Their Bets

In related news, CFO Sean Deason sold 110,000 shares of Garrett Motion stock in a transaction on Friday, June 5th. The stock was sold at an average price of $31.93, for a total value of $3,512,300.00. Following the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at $8,362,754.37. The trade was a 29.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total value of $204,462.00. Following the sale, the senior vice president directly owned 77,038 shares in the company, valued at $2,565,365.40. This trade represents a 7.38% decrease in their ownership of the stock. 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 have sold a total of 126,656 shares of company stock valued at $4,072,413 in the last quarter. Insiders own 1.10% of the company’s stock.

Garrett Motion Stock Down 2.8%

Shares of GTX stock opened at $26.66 on Friday. The stock has a 50-day simple moving average of $30.79 and a 200 day simple moving average of $26.28. The stock has a market capitalization of $4.97 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.70 and a beta of 0.82. Garrett Motion Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $36.25.

Garrett Motion (NASDAQ:GTX) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.07. The company had revenue of $976.00 million during the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.42 EPS. On average, sell-side analysts anticipate that Garrett Motion Inc. will post 1.91 earnings per share for the current year.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 1st. Garrett Motion’s dividend payout ratio is 17.58%.

Garrett Motion Company 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.