Sean Deason Sells 110,000 Shares of Garrett Motion (NASDAQ:GTX) Stock

Garrett Motion Inc. (NASDAQ:GTX) CFO Sean Deason sold 110,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $31.93, for a total value of $3,512,300.00. Following the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at $8,362,754.37. This represents a 29.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Garrett Motion Stock Performance

NASDAQ:GTX traded up $0.29 during mid-day trading on Monday, hitting $32.25. 2,388,626 shares of the company’s stock traded hands, compared to its average volume of 3,057,428. The company has a fifty day moving average of $25.35 and a 200 day moving average of $20.65. Garrett Motion Inc. has a twelve month low of $9.57 and a twelve month high of $34.34. The company has a market capitalization of $6.04 billion, a P/E ratio of 18.86, a P/E/G ratio of 1.00 and a beta of 0.79.

Garrett Motion (NASDAQ:GTX) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.06. The business had revenue of $985.00 million for the quarter, compared to the consensus estimate of $917.23 million. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The business’s revenue was up 12.2% on a year-over-year basis. On average, research analysts expect that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, June 1st. Garrett Motion’s payout ratio is presently 18.71%.

Institutional Trading of Garrett Motion

A number of hedge funds have recently modified their holdings of the stock. Arete Wealth Advisors LLC purchased a new stake in shares of Garrett Motion in the first quarter worth about $224,000. Janus Henderson Group PLC boosted its stake in shares of Garrett Motion by 22.2% in the first quarter. Janus Henderson Group PLC now owns 78,600 shares of the company’s stock worth $1,429,000 after buying an additional 14,300 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Garrett Motion by 50.2% in the first quarter. California State Teachers Retirement System now owns 202,555 shares of the company’s stock worth $3,680,000 after buying an additional 67,740 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Garrett Motion by 2.5% in the first quarter. The Manufacturers Life Insurance Company now owns 88,693 shares of the company’s stock worth $1,612,000 after buying an additional 2,198 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Garrett Motion by 25.7% in the first quarter. Quantinno Capital Management LP now owns 16,703 shares of the company’s stock worth $303,000 after buying an additional 3,415 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 22nd. BWS Financial boosted their price target on Garrett Motion from $32.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. boosted their price target on Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Weiss Ratings assumed coverage on Garrett Motion in a research note on Wednesday, April 29th. They set a “buy (b)” rating on the stock. Finally, Freedom Capital downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.83.

Garrett Motion Company 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.