Ruffer LLP Invests $3.68 Million in Garrett Motion Inc. $GTX

Ruffer LLP purchased a new stake in Garrett Motion Inc. (NYSE:GTX) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 270,470 shares of the company’s stock, valued at approximately $3,684,000.

Several other institutional investors have also modified their holdings of GTX. Jones Financial Companies Lllp acquired a new position in Garrett Motion during the first quarter worth approximately $42,000. Tower Research Capital LLC TRC acquired a new position in shares of Garrett Motion in the 2nd quarter valued at $45,000. Amalgamated Bank acquired a new position in shares of Garrett Motion in the 2nd quarter valued at $46,000. Caitong International Asset Management Co. Ltd raised its position in Garrett Motion by 4,655.8% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock valued at $47,000 after purchasing an additional 4,423 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in Garrett Motion during the 2nd quarter worth $61,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Garrett Motion Stock Down 1.1%

Shares of Garrett Motion stock opened at $18.14 on Thursday. Garrett Motion Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $19.28. The business’s fifty day moving average is $17.43 and its two-hundred day moving average is $15.05. The firm has a market cap of $3.53 billion, a PE ratio of 14.28 and a beta of 0.25.

Garrett Motion announced that its board has initiated a share repurchase plan on Wednesday, December 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

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

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.