Mitsubishi UFJ Trust & Banking Corp Sells 69,640 Shares of Garrett Motion Inc. $GTX

Mitsubishi UFJ Trust & Banking Corp lessened its holdings in Garrett Motion Inc. (NYSE:GTX) by 23.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 228,752 shares of the company’s stock after selling 69,640 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.12% of Garrett Motion worth $3,116,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GTX. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion during the 1st quarter valued at about $42,000. Tower Research Capital LLC TRC acquired a new stake in Garrett Motion during the second quarter valued at approximately $45,000. Amalgamated Bank acquired a new stake in Garrett Motion during the second quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd grew its stake in shares of 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 period. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Garrett Motion in the 2nd quarter worth approximately $61,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Garrett Motion Stock Performance

Shares of GTX opened at $18.04 on Friday. The business’s fifty day moving average price is $17.52 and its two-hundred day moving average price is $15.12. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of 14.20 and a beta of 0.25. Garrett Motion Inc. has a 52 week low of $7.01 and a 52 week high of $19.28.

Garrett Motion declared that its Board of Directors has authorized a stock buyback plan on Wednesday, December 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

GTX has been the topic of several recent analyst reports. Stifel Nicolaus boosted their price target on Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. 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. BWS Financial upped their target price on shares of Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Garrett Motion in a report on Monday, October 20th. They set a “hold” rating and a $14.00 price target for the company. Finally, Zacks Research cut shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Garrett Motion has an average rating of “Moderate Buy” and an average price target of $18.80.

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.