Teacher Retirement System of Texas Trims Stock Holdings in Garrett Motion Inc. $GTX

Teacher Retirement System of Texas lessened its stake in Garrett Motion Inc. (NYSE:GTX) by 14.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 221,911 shares of the company’s stock after selling 36,823 shares during the period. Teacher Retirement System of Texas’ holdings in Garrett Motion were worth $3,022,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in GTX. Strs Ohio acquired a new position in Garrett Motion during the third quarter worth $266,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Garrett Motion during the 3rd quarter worth approximately $2,984,000. Ritholtz Wealth Management grew its stake in Garrett Motion by 10.2% in the 3rd quarter. Ritholtz Wealth Management now owns 186,163 shares of the company’s stock worth $2,536,000 after acquiring an additional 17,267 shares during the period. State of Alaska Department of Revenue acquired a new position in Garrett Motion in the 3rd quarter valued at $144,000. Finally, SG Americas Securities LLC lifted its stake in shares of Garrett Motion by 124.0% during the 3rd quarter. SG Americas Securities LLC now owns 44,353 shares of the company’s stock worth $604,000 after purchasing an additional 24,551 shares during the period. Institutional investors and hedge funds own 86.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Garrett Motion in a research note on Monday, October 20th. They issued a “hold” rating and a $14.00 target price for the company. JPMorgan Chase & Co. assumed coverage on Garrett Motion in a report on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price objective for the company. Zacks Research cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Stifel Nicolaus lifted their target price on shares of Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Finally, BWS Financial raised their price target on shares of Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 12th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.80.

Garrett Motion Price Performance

Shares of GTX opened at $18.14 on Thursday. The firm’s 50 day moving average is $17.43 and its 200-day moving average is $15.05. The stock has a market capitalization of $3.53 billion, a P/E ratio of 14.28 and a beta of 0.25. Garrett Motion Inc. has a 12-month low of $7.01 and a 12-month high of $19.28.

Garrett Motion declared that its Board of Directors has approved a share repurchase program on Wednesday, December 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership 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.