The Manufacturers Life Insurance Company Purchases New Shares in Garrett Motion Inc. $GTX

The Manufacturers Life Insurance Company acquired a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 94,633 shares of the company’s stock, valued at approximately $3,429,000. The Manufacturers Life Insurance Company owned 0.05% of Garrett Motion at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its holdings in shares of Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after buying an additional 1,422 shares during the period. Persistent Asset Partners Ltd purchased a new position in shares of Garrett Motion in the second quarter worth approximately $27,000. Global Retirement Partners LLC raised its holdings in shares of Garrett Motion by 156.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after acquiring an additional 970 shares during the period. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion during the first quarter valued at approximately $42,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Garrett Motion in the 2nd quarter valued at approximately $45,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Garrett Motion Trading Down 1.3%

GTX opened at $26.60 on Wednesday. The stock has a fifty day moving average price of $30.50 and a 200 day moving average price of $26.43. Garrett Motion Inc. has a 1 year low of $12.26 and a 1 year high of $36.25. The stock has a market cap of $4.96 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 0.69 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX) last issued its earnings results on Thursday, July 30th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.07. The company had revenue of $976.00 million for the quarter. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. As a group, sell-side 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. Investors of record on Tuesday, September 1st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Garrett Motion’s dividend payout ratio (DPR) is presently 17.58%.

Analysts Set New Price Targets

Several equities analysts have weighed in on GTX shares. Deutsche Bank Aktiengesellschaft upgraded shares of Garrett Motion from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $36.00 in a research report on Thursday, July 30th. BWS Financial reiterated a “buy” rating and set a $42.00 price target on shares of Garrett Motion in a report on Thursday, July 30th. Wall Street Zen lowered Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Stifel Nicolaus increased their price objective on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garrett Motion in a research note on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Garrett Motion presently has an average rating of “Moderate Buy” and a consensus target price of $38.60.

Insider Buying and Selling

In other Garrett Motion news, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 261,909 shares of the company’s stock, valued at $8,362,754.37. The trade was a 29.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mark Albert Rodrigues sold 6,140 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total transaction of $204,462.00. Following the transaction, the senior vice president owned 77,038 shares in the company, valued at approximately $2,565,365.40. This trade represents a 7.38% 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 126,656 shares of company stock valued at $4,072,413 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

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.