Federated Hermes Inc. Acquires New Shares in Garrett Motion Inc. $GTX

Federated Hermes Inc. acquired a new position in shares of Garrett Motion Inc. (NYSE:GTX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 120,835 shares of the company’s stock, valued at approximately $1,646,000. Federated Hermes Inc. owned approximately 0.06% of Garrett Motion as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. purchased a new position in shares of Garrett Motion in the 3rd quarter valued at approximately $5,925,000. Teacher Retirement System of Texas raised its holdings in Garrett Motion by 50.9% in the second quarter. Teacher Retirement System of Texas now owns 258,734 shares of the company’s stock worth $2,719,000 after purchasing an additional 87,280 shares in the last quarter. Tableaux LLC purchased a new position in Garrett Motion during the second quarter valued at $269,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Garrett Motion during the 2nd quarter valued at $342,000. Finally, De Lisle Partners LLP grew its position in shares of Garrett Motion by 5.0% in the 2nd quarter. De Lisle Partners LLP now owns 417,520 shares of the company’s stock worth $4,382,000 after buying an additional 20,000 shares during the period. Institutional investors own 86.27% of the company’s stock.

Analyst Upgrades and Downgrades

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

Garrett Motion Trading Up 1.0%

Shares of GTX opened at $18.42 on Thursday. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 14.50 and a beta of 0.25. The business’s fifty day simple moving average is $17.63 and its two-hundred day simple moving average is $15.29. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $19.28.

Garrett Motion announced that its Board of Directors has approved a share repurchase program on Wednesday, December 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.