Basswood Capital Management L.L.C. acquired a new position in shares of Garrett Motion Inc (NYSE:GTX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,315 shares of the company’s stock, valued at approximately $201,000.
Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. purchased a new stake in shares of Garrett Motion during the third quarter worth approximately $1,890,000. Bank of New York Mellon Corp purchased a new position in Garrett Motion in the third quarter worth $2,225,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Garrett Motion in the third quarter worth $1,092,000. Baird Financial Group Inc. purchased a new position in Garrett Motion in the third quarter worth $342,000. Finally, Allianz Asset Management GmbH purchased a new position in Garrett Motion in the third quarter worth $571,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.
NYSE:GTX opened at $14.76 on Monday. The firm has a market capitalization of $1.14 billion and a price-to-earnings ratio of 3.64. Garrett Motion Inc has a 1 year low of $11.01 and a 1 year high of $22.00.
Several research firms have issued reports on GTX. Zacks Investment Research cut Garrett Motion from a “buy” rating to a “hold” rating in a research report on Wednesday, February 27th. Jefferies Financial Group reiterated a “hold” rating and issued a $17.00 price objective on shares of Garrett Motion in a research report on Thursday, February 21st. Barclays reiterated a “hold” rating on shares of Garrett Motion in a research report on Thursday, February 21st. Desjardins cut Garrett Motion to a “buy” rating in a research report on Wednesday, January 23rd. Finally, Royal Bank of Canada upgraded Garrett Motion from an “underperform” rating to a “sector perform” rating and increased their price objective for the stock from $11.00 to $15.00 in a research report on Wednesday, January 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Garrett Motion currently has an average rating of “Hold” and an average price target of $15.00.
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About Garrett Motion
Garrett Motion Inc designs, manufactures, and sells turbocharger and electric boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket worldwide. The company was incorporated in 2018 and is headquartered in Rolle, Switzerland.
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