JB Capital Partners LP Takes Position in Garrett Motion Inc. $GTX

JB Capital Partners LP bought a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 91,000 shares of the company’s stock, valued at approximately $3,296,930,000. Garrett Motion makes up approximately 0.5% of JB Capital Partners LP’s portfolio, making the stock its 28th largest position.

Several other institutional investors have also recently added to or reduced their stakes in the business. Comerica Bank lifted its position in shares of Garrett Motion by 22.0% during the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock worth $4,381,000 after buying an additional 45,370 shares during the last quarter. Wesbanco Bank Inc. grew its position in shares of Garrett Motion by 75.0% in the 4th quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock valued at $1,831,000 after buying an additional 45,000 shares during the last quarter. Smead Capital Management Inc. acquired a new stake in Garrett Motion during the 4th quarter worth $4,257,000. Carmel Capital Management L.L.C. acquired a new stake in Garrett Motion during the 1st quarter worth $5,719,000. Finally, Norges Bank purchased a new stake in Garrett Motion in the fourth quarter valued at $29,237,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Royal Bank Of Canada set a $42.00 price objective on shares of Garrett Motion in a research note on Thursday, May 21st. Stifel Nicolaus boosted their target price on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Garrett Motion in a research report on Friday, July 24th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and raised their price target for the stock from $33.00 to $36.00 in a research note on Thursday, July 30th. Finally, Zacks Research cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $38.60.

Garrett Motion Stock Performance

GTX stock opened at $26.62 on Friday. The stock has a market capitalization of $4.96 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 0.68 and a beta of 0.82. The company has a fifty day moving average of $31.55 and a 200-day moving average of $26.00. Garrett Motion Inc. has a one year low of $12.26 and a one year high of $36.25.

Garrett Motion (NASDAQ:GTX) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. The firm had revenue of $976.00 million for the quarter. During the same period in the prior year, the firm posted $0.42 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts forecast that Garrett Motion Inc. will post 1.91 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. Garrett Motion’s payout ratio is currently 17.58%.

Insider Activity

In related news, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $33.82, for a total transaction of $355,651.12. Following the completion of the sale, the senior vice president directly owned 83,178 shares of the company’s stock, valued at approximately $2,813,079.96. This represents a 11.22% decrease in their position. The sale was disclosed in a document filed 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 that occurred on Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the sale, the chief financial officer owned 261,909 shares in the company, valued at $8,362,754.37. This represents a 29.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 196,656 shares of company stock valued at $6,382,413 in the last 90 days. 1.10% of the stock is currently 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.