Bank of New York Mellon Corp Acquires 41,195 Shares of Garrett Motion Inc. $GTX

Bank of New York Mellon Corp raised its stake in Garrett Motion Inc. (NASDAQ:GTX) by 6.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 672,991 shares of the company’s stock after buying an additional 41,195 shares during the period. Bank of New York Mellon Corp’s holdings in Garrett Motion were worth $12,228,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Hillsdale Investment Management Inc. raised its position in Garrett Motion by 3.7% during the first quarter. Hillsdale Investment Management Inc. now owns 597,457 shares of the company’s stock valued at $10,856,000 after purchasing an additional 21,507 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Garrett Motion by 2.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company’s stock valued at $707,000 after purchasing an additional 995 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Garrett Motion by 29.5% during the 1st quarter. Principal Financial Group Inc. now owns 450,934 shares of the company’s stock valued at $8,193,000 after buying an additional 102,633 shares in the last quarter. Fifth Third Bancorp lifted its position in Garrett Motion by 59,961.4% in the 1st quarter. Fifth Third Bancorp now owns 255,261 shares of the company’s stock worth $4,638,000 after buying an additional 254,836 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in Garrett Motion in the first quarter worth approximately $749,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Insider Activity at Garrett Motion

In other Garrett Motion news, SVP Thierry Mabru sold 70,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the completion of the sale, the senior vice president directly owned 147,956 shares of the company’s stock, valued at approximately $4,882,548. This represents a 32.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of Garrett Motion stock in a transaction on 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 owned 261,909 shares in the company, valued at $8,362,754.37. This trade represents a 29.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 213,834 shares of company stock valued at $6,918,710 in the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Garrett Motion Price Performance

Shares of NASDAQ GTX opened at $31.15 on Friday. Garrett Motion Inc. has a 1 year low of $12.26 and a 1 year high of $36.25. The firm has a 50-day moving average of $32.66 and a 200 day moving average of $24.88. The stock has a market cap of $5.81 billion, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 0.92 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.07. The firm had revenue of $976.00 million during the quarter. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.Garrett Motion’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. Research analysts expect that Garrett Motion Inc. will post 1.81 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s payout ratio is 17.58%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GTX. Stifel Nicolaus boosted their price objective on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research report on Thursday, May 21st. Zacks Research downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Wall Street Zen cut Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, Freedom Capital cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Garrett Motion has an average rating of “Moderate Buy” and a consensus target price of $37.80.

About Garrett Motion

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.