Castleark Management LLC Makes New $17.01 Million Investment in Garrett Motion Inc. $GTX

Castleark Management LLC acquired a new stake in Garrett Motion Inc. (NASDAQ:GTX) during the second quarter, HoldingsChannel.com reports. The fund acquired 469,470 shares of the company’s stock, valued at approximately $17,009,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. 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 worth $835,000 after purchasing an additional 423 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Garrett Motion by 22.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock valued at $63,000 after buying an additional 629 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in Garrett Motion during the 2nd quarter worth about $27,000. Baron Wealth Management LLC lifted 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 worth $496,000 after buying an additional 878 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of 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 in the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on GTX shares. Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings restated a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Stifel Nicolaus upped their price target on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Wall Street Zen downgraded Garrett Motion from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Finally, Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.60.

Insider Activity at Garrett Motion

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 6,140 shares of Garrett Motion stock in a transaction that occurred 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 $2,565,365.40. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the completion of the sale, 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. Insiders sold a total of 196,656 shares of company stock valued at $6,382,413 in the last three months. 1.10% of the stock is currently owned by company insiders.

Garrett Motion Price Performance

Shares of GTX opened at $26.27 on Wednesday. Garrett Motion Inc. has a 1-year low of $12.26 and a 1-year high of $36.25. The stock has a market cap of $4.90 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 0.66 and a beta of 0.82. The firm has a fifty day moving average price of $31.22 and a 200 day moving average price of $26.16.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.07. The company had revenue of $976.00 million for the quarter. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS. As a group, equities analysts expect that Garrett Motion Inc. will post 1.91 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. Garrett Motion’s dividend payout ratio is 17.58%.

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.