Principal Financial Group Inc. Invests $1.69 Million in Garrett Motion Inc. $GTX

Principal Financial Group Inc. acquired a new stake in Garrett Motion Inc. (NYSE:GTX) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 123,823 shares of the company’s stock, valued at approximately $1,686,000. Principal Financial Group Inc. owned approximately 0.06% of Garrett Motion at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp purchased a new position in Garrett Motion in the first quarter valued at $42,000. Jane Street Group LLC boosted its position in shares of Garrett Motion by 641.7% during the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after acquiring an additional 78,661 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in shares of Garrett Motion by 41.5% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 20,800 shares of the company’s stock valued at $219,000 after acquiring an additional 6,100 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Garrett Motion in the 2nd quarter valued at about $342,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Garrett Motion by 4,655.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock worth $47,000 after acquiring an additional 4,423 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

Garrett Motion Trading Down 3.0%

Shares of GTX opened at $20.62 on Wednesday. The company’s 50 day simple moving average is $18.26 and its 200-day simple moving average is $15.79. The firm has a market cap of $4.01 billion, a PE ratio of 16.24 and a beta of 0.33. Garrett Motion Inc. has a 12-month low of $7.01 and a 12-month high of $21.42.

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GTX shares. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. JPMorgan Chase & Co. assumed coverage on shares of Garrett Motion in a report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 target price for the company. BWS Financial increased their target price 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. Finally, Stifel Nicolaus boosted their price target 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. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.