The Manufacturers Life Insurance Company Purchases Shares of 94,633 Garrett Motion Inc. $GTX

The Manufacturers Life Insurance Company purchased a new stake in Garrett Motion Inc. (NASDAQ:GTX) during the second quarter, HoldingsChannel.com reports. The fund purchased 94,633 shares of the company’s stock, valued at approximately $3,429,000.

Several other large investors have also modified their holdings of GTX. Cullen Frost Bankers Inc. grew its stake in Garrett Motion by 7,110.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after buying an additional 1,422 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in Garrett Motion during the second quarter valued at about $27,000. Global Retirement Partners LLC grew its position in shares of Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after purchasing an additional 970 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Garrett Motion in the first quarter worth about $42,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Garrett Motion during the 2nd quarter worth about $45,000. 86.27% of the stock is owned by institutional investors.

Insider Buying and Selling at Garrett Motion

In other news, SVP Mark Albert Rodrigues sold 10,516 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $33.82, for a total value of $355,651.12. Following the completion of the transaction, the senior vice president owned 83,178 shares in the company, valued at approximately $2,813,079.96. This represents a 11.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the completion of the transaction, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. This represents a 29.58% 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. Over the last ninety days, insiders sold 126,656 shares of company stock valued at $4,072,413. 1.10% of the stock is owned by company insiders.

Garrett Motion Stock Down 1.3%

Shares of GTX opened at $26.60 on Wednesday. The stock’s 50-day moving average price is $30.50 and its 200 day moving average price is $26.43. The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of 14.62, a P/E/G ratio of 0.69 and a beta of 0.82. Garrett Motion Inc. has a 12-month low of $12.26 and a 12-month high of $36.25.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings data 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 during the quarter. During the same quarter in the prior year, the business posted $0.42 EPS. Garrett Motion’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts expect that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s dividend payout ratio (DPR) is 17.58%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GTX. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Stifel Nicolaus upped their price target on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Royal Bank Of Canada set a $42.00 price objective on Garrett Motion in a research report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft raised shares of Garrett Motion from a “hold” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. Finally, BWS Financial reiterated a “buy” rating and set a $42.00 target price on shares of Garrett Motion in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.60.

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.