Oaktree Capital Management LP Trims Holdings in Garrett Motion Inc. $GTX

Oaktree Capital Management LP cut its holdings in Garrett Motion Inc. (NASDAQ:GTX) by 14.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 14,594,816 shares of the company’s stock after selling 2,500,000 shares during the period. Garrett Motion comprises approximately 3.3% of Oaktree Capital Management LP’s portfolio, making the stock its 4th largest holding. Oaktree Capital Management LP owned approximately 0.08% of Garrett Motion worth $265,188,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Convergence Investment Partners LLC grew its stake in shares of Garrett Motion by 0.9% during the first quarter. Convergence Investment Partners LLC now owns 45,952 shares of the company’s stock valued at $835,000 after buying an additional 423 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Garrett Motion by 22.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock valued at $63,000 after acquiring an additional 629 shares during the period. Baron Wealth Management LLC boosted its holdings in Garrett Motion by 3.3% during the 1st quarter. Baron Wealth Management LLC now owns 27,324 shares of the company’s stock valued at $496,000 after acquiring an additional 878 shares during the period. Global Retirement Partners LLC grew its position in Garrett Motion by 156.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after acquiring an additional 970 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Garrett Motion by 2.6% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company’s stock valued at $707,000 after purchasing an additional 995 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GTX has been the topic of a number of recent analyst reports. Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a report on Thursday, May 21st. Stifel Nicolaus raised their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Wall Street Zen lowered Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Garrett Motion currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.40.

Garrett Motion Stock Performance

Shares of NASDAQ:GTX opened at $28.78 on Thursday. The stock’s 50-day simple moving average is $32.74 and its two-hundred day simple moving average is $24.75. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 0.89 and a beta of 0.78. Garrett Motion Inc. has a 52-week low of $12.26 and a 52-week high of $36.25.

Garrett Motion (NASDAQ:GTX) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million during the quarter. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $0.42 earnings per share. As a group, equities analysts forecast that Garrett Motion Inc. will post 1.81 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. Shareholders 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 dividend on an annualized basis and a yield of 1.1%. Garrett Motion’s dividend payout ratio is 18.71%.

Insider Buying and Selling

In other news, Director Daniel A. Ninivaggi sold 17,178 shares of Garrett Motion stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the transaction, the director owned 124,885 shares in the company, valued at approximately $3,898,909.70. The trade was a 12.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total transaction of $204,462.00. Following the completion of the sale, the senior vice president directly owned 77,038 shares in the company, 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 213,834 shares of company stock valued at $6,918,710 over the last quarter. Company insiders own 1.10% of the company’s stock.

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.