Oaktree Capital Management LP Cuts Holdings in Garrett Motion Inc. $GTX

Oaktree Capital Management LP decreased its holdings in Garrett Motion Inc. (NYSE:GTX) by 13.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,894,816 shares of the company’s stock after selling 5,000,000 shares during the quarter. Garrett Motion comprises approximately 3.4% of Oaktree Capital Management LP’s portfolio, making the stock its 4th biggest position. Oaktree Capital Management LP owned 0.16% of Garrett Motion worth $434,407,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in Garrett Motion by 7.2% in the 3rd quarter. Invesco Ltd. now owns 274,823 shares of the company’s stock worth $3,743,000 after purchasing an additional 18,344 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Garrett Motion by 5,889.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,897,487 shares of the company’s stock worth $25,844,000 after buying an additional 1,865,809 shares in the last quarter. Sei Investments Co. lifted its holdings in Garrett Motion by 402.7% in the third quarter. Sei Investments Co. now owns 169,011 shares of the company’s stock worth $2,302,000 after buying an additional 135,393 shares during the period. UBS Group AG lifted its holdings in Garrett Motion by 68.0% in the third quarter. UBS Group AG now owns 2,653,725 shares of the company’s stock worth $36,144,000 after buying an additional 1,073,711 shares during the period. Finally, Mackenzie Financial Corp boosted its position in Garrett Motion by 309.7% during the 3rd quarter. Mackenzie Financial Corp now owns 182,678 shares of the company’s stock valued at $2,488,000 after acquiring an additional 138,087 shares in the last quarter. Institutional investors own 86.27% of the company’s stock.

Analyst Ratings Changes

GTX has been the topic of several research reports. BWS Financial lifted their price target on Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, December 12th. JPMorgan Chase & Co. started coverage on Garrett Motion in a report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price objective for the company. Zacks Research downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Stifel Nicolaus boosted their price objective on Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Four 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Garrett Motion Stock Performance

GTX stock traded down $0.10 during mid-day trading on Friday, reaching $17.57. 87,861 shares of the stock traded hands, compared to its average volume of 2,440,997. The business has a 50-day moving average price of $18.95 and a two-hundred day moving average price of $16.51. The stock has a market capitalization of $3.34 billion, a PE ratio of 13.87 and a beta of 0.31. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $21.42.

Garrett Motion (NYSE:GTX) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. Garrett Motion’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities analysts expect that Garrett Motion Inc. will post 1.25 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.8%. Garrett Motion’s dividend payout ratio (DPR) is presently 21.05%.

Garrett Motion announced 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 reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, Director Julia Steyn sold 17,000 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total value of $337,620.00. Following the completion of the sale, the director owned 50,233 shares of the company’s stock, valued at approximately $997,627.38. This trade represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Daniel Deiro sold 20,000 shares of Garrett Motion stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $20.29, for a total transaction of $405,800.00. Following the sale, the senior vice president owned 160,994 shares of the company’s stock, valued at $3,266,568.26. The trade was a 11.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 337,000 shares of company stock worth $6,839,290. 0.83% of the stock is owned by insiders.

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.