50,893 Shares in Garrett Motion Inc. $GTX Bought by XTX Topco Ltd

XTX Topco Ltd purchased a new stake in Garrett Motion Inc. (NYSE:GTX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 50,893 shares of the company’s stock, valued at approximately $535,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Garrett Motion by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company’s stock worth $19,285,000 after purchasing an additional 62,844 shares in the last quarter. OMERS ADMINISTRATION Corp grew its holdings in shares of Garrett Motion by 296.5% during the first quarter. OMERS ADMINISTRATION Corp now owns 253,150 shares of the company’s stock worth $2,119,000 after purchasing an additional 189,300 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Garrett Motion by 138.0% during the first quarter. Invesco Ltd. now owns 162,991 shares of the company’s stock worth $1,364,000 after purchasing an additional 94,501 shares during the last quarter. Maverick Capital Ltd. increased its stake in shares of Garrett Motion by 113.6% in the first quarter. Maverick Capital Ltd. now owns 65,716 shares of the company’s stock valued at $550,000 after buying an additional 34,944 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in Garrett Motion in the 1st quarter valued at approximately $358,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Garrett Motion Stock Performance

Garrett Motion stock opened at $16.75 on Friday. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 13.19 and a beta of 0.23. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $17.91. The stock’s 50 day moving average price is $15.37 and its two-hundred day moving average price is $13.10.

Garrett Motion (NYSE:GTX) last released its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. During the same period last year, the company posted $0.24 earnings per share. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts forecast that Garrett Motion Inc. will post 1.25 EPS for the current year.

Garrett Motion declared that its Board of Directors has initiated a stock repurchase program on Wednesday, December 3rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Garrett Motion Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.08 per share. This is an increase from Garrett Motion’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, December 1st. Garrett Motion’s dividend payout ratio (DPR) is currently 20.38%.

Insider Activity

In other news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $13.28, for a total value of $4,655,516.48. Following the completion of the sale, the insider directly owned 20,009,945 shares in the company, valued at $265,732,069.60. This trade represents a 1.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 613,403 shares of company stock worth $8,133,314. 0.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus set a $20.00 target price on shares of Garrett Motion in a report on Friday, October 24th. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft initiated coverage on Garrett Motion in a research report on Monday, October 20th. They set a “hold” rating and a $14.00 target price for the company. Finally, BWS Financial reaffirmed a “buy” rating and set a $18.00 target price on shares of Garrett Motion in a report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $16.50.

Garrett Motion Profile

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.