Squarepoint Ops LLC Sells 624,062 Shares of Garrett Motion Inc. $GTX

Squarepoint Ops LLC trimmed its stake in Garrett Motion Inc. (NASDAQ:GTX) by 80.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 152,542 shares of the company’s stock after selling 624,062 shares during the period. Squarepoint Ops LLC’s holdings in Garrett Motion were worth $5,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Garrett Motion by 54.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 398,397 shares of the company’s stock worth $14,434,000 after buying an additional 140,254 shares during the period. Castleark Management LLC purchased a new position in shares of Garrett Motion during the 2nd quarter valued at about $17,009,000. Smead Capital Management Inc. bought a new position in shares of Garrett Motion during the 4th quarter valued at approximately $4,257,000. JB Capital Partners LP purchased a new stake in Garrett Motion in the 2nd quarter worth approximately $3,296,930. Finally, State of Wyoming purchased a new stake in Garrett Motion in the 2nd quarter worth approximately $2,430,000. 86.27% of the stock is owned by institutional investors.

Insider Buying and Selling at Garrett Motion

In related news, SVP Daniel Deiro sold 30,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $26.70, for a total transaction of $801,000.00. Following the completion of the transaction, the senior vice president owned 133,783 shares in the company, valued at approximately $3,572,006.10. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Rodrigues sold 6,140 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total transaction of $204,462.00. Following the transaction, the senior vice president owned 77,038 shares of the company’s stock, valued at approximately $2,565,365.40. This represents a 7.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 56,140 shares of company stock worth $1,543,262 in the last three months. Insiders own 1.10% of the company’s stock.

Garrett Motion Trading Up 1.6%

NASDAQ:GTX opened at $27.62 on Friday. The stock has a 50-day moving average price of $29.48 and a 200 day moving average price of $26.79. The stock has a market capitalization of $5.15 billion, a P/E ratio of 15.18, a P/E/G ratio of 0.70 and a beta of 0.79. Garrett Motion Inc. has a 12-month low of $12.26 and a 12-month high of $36.25.

Garrett Motion (NASDAQ:GTX) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The company had revenue of $976.00 million for the quarter. During the same period in the prior year, the firm posted $0.42 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, research analysts predict that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

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. The ex-dividend date is Tuesday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.2%. Garrett Motion’s dividend payout ratio (DPR) is presently 17.58%.

Analyst Upgrades and Downgrades

GTX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Garrett Motion from $33.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. BWS Financial reissued a “buy” rating and issued a $42.00 price objective on shares of Garrett Motion in a research note on Thursday, July 30th. Royal Bank Of Canada set a $42.00 price objective on shares of Garrett Motion in a research report on Thursday, May 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and lifted their target price for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $38.60.

Garrett Motion Profile

Garrett Motion Inc is a technology company that develops products and software for the automotive and commercial vehicle industries. Its portfolio is focused on improving vehicle performance, fuel efficiency, emissions control and electrification.

The company’s products include turbochargers, electric boosting systems, fuel-cell compressors, thermal-management technologies and related automotive software. Garrett supplies components and systems for passenger vehicles, commercial vehicles and motorsports applications, while also serving the automotive aftermarket.

Garrett Motion has roots in Honeywell’s transportation systems business and became an independent publicly traded company in 2018.