OMERS ADMINISTRATION Corp Invests $2.40 Million in Garrett Motion Inc. $GTX

OMERS ADMINISTRATION Corp acquired a new position in Garrett Motion Inc. (NASDAQ:GTX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 66,265 shares of the company’s stock, valued at approximately $2,401,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Comerica Bank lifted its stake in shares of Garrett Motion by 22.0% during the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock valued at $4,381,000 after buying an additional 45,370 shares in the last quarter. Wesbanco Bank Inc. grew its stake in 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 in the last quarter. Smead Capital Management Inc. purchased a new position in Garrett Motion in the 4th quarter valued at approximately $4,257,000. Carmel Capital Management L.L.C. bought a new stake in Garrett Motion during the 1st quarter valued at $5,719,000. Finally, Norges Bank bought a new stake in Garrett Motion during the 4th quarter valued at $29,237,000. 86.27% of the stock is currently owned by institutional investors.

Insider Activity

In other Garrett Motion news, SVP Mark Albert Rodrigues sold 10,516 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $33.82, for a total value of $355,651.12. Following the completion of the sale, the senior vice president owned 83,178 shares of the company’s stock, valued at $2,813,079.96. This represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $33.00, for a total value 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 position. 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. In the last three months, insiders have sold 196,656 shares of company stock worth $6,382,413. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

GTX has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised 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 report on Thursday, July 30th. Stifel Nicolaus boosted their price objective on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Freedom Capital cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Wall Street Zen lowered shares of Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.60.

Garrett Motion Stock Performance

NASDAQ GTX opened at $26.27 on Wednesday. Garrett Motion Inc. has a 52-week low of $12.26 and a 52-week high of $36.25. The company has a market capitalization of $4.90 billion, a P/E ratio of 14.43, a P/E/G ratio of 0.66 and a beta of 0.82. The company has a fifty day moving average of $31.22 and a 200-day moving average of $26.16.

Garrett Motion (NASDAQ:GTX) last announced its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $976.00 million during the quarter. During the same quarter last year, the firm posted $0.42 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, analysts forecast that Garrett Motion Inc. will post 1.91 EPS for the current fiscal year.

Garrett Motion Announces Dividend

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

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.