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

Squarepoint Ops LLC trimmed its position in Garrett Motion Inc. (NASDAQ:GTX) by 80.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 152,542 shares of the company’s stock after selling 624,062 shares during the period. Squarepoint Ops LLC owned 0.08% of Garrett Motion worth $5,527,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Nykredit A S purchased a new position in Garrett Motion during the second quarter valued at $172,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Garrett Motion in the 2nd quarter worth about $1,235,000. California State Teachers Retirement System grew its position in shares of Garrett Motion by 3,445.7% in the 2nd quarter. California State Teachers Retirement System now owns 7,182,018 shares of the company’s stock worth $260,205,000 after buying an additional 6,979,463 shares during the period. TD Waterhouse Canada Inc. increased its stake in shares of Garrett Motion by 9.3% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 36,044 shares of the company’s stock worth $1,210,000 after acquiring an additional 3,057 shares in the last quarter. Finally, Hennessy Advisors Inc. bought a new position in shares of Garrett Motion in the 2nd quarter worth about $13,246,000. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Stock Up 1.6%

Shares of Garrett Motion stock opened at $27.62 on Friday. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 0.70 and a beta of 0.79. The company’s 50 day moving average is $29.48 and its 200 day moving average is $26.79. Garrett Motion Inc. has a twelve month low of $12.26 and a twelve month high of $36.25.

Garrett Motion (NASDAQ:GTX) last posted its 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. The business had revenue of $976.00 million during the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.42 EPS. Sell-side analysts expect that Garrett Motion Inc. will post 1.91 EPS for the current fiscal year.

Garrett Motion Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. BWS Financial reissued a “buy” rating and set 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 target price on shares of Garrett Motion in a research note on Thursday, May 21st. 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 report on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garrett Motion in a research report on Friday, July 24th. Finally, Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $38.60.

Insiders Place Their Bets

In other Garrett Motion news, SVP Daniel Deiro sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $26.89, for a total value of $537,800.00. Following the transaction, the senior vice president directly owned 113,783 shares of the company’s stock, valued at approximately $3,059,624.87. This trade represents a 14.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $33.30, for a total value of $204,462.00. Following the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 56,140 shares of company stock valued at $1,543,262. 1.10% of the stock is owned by company insiders.

About Garrett Motion

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.