Hsbc Holdings PLC Takes Position in Garrett Motion Inc. $GTX

Hsbc Holdings PLC acquired a new position in shares of Garrett Motion Inc. (NASDAQ:GTX) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 51,885 shares of the company’s stock, valued at approximately $1,864,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Comerica Bank lifted its stake in 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 acquiring an additional 45,370 shares in the last quarter. Wesbanco Bank Inc. grew its position 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 acquiring an additional 45,000 shares in the last quarter. Castleark Management LLC acquired a new position in Garrett Motion in the 2nd quarter valued at about $17,009,000. Smead Capital Management Inc. purchased a new stake in Garrett Motion during the fourth quarter worth about $4,257,000. Finally, Carmel Capital Management L.L.C. purchased a new stake in Garrett Motion during the first quarter worth about $5,719,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Insider Transactions at Garrett Motion

In other news, SVP Mark Albert Rodrigues sold 6,140 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $33.30, for a total value 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 represents a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $31.93, for a total value of $3,512,300.00. Following the sale, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 126,656 shares of company stock valued at $4,072,413 over the last ninety days. 1.10% of the stock is owned by company insiders.

Garrett Motion Price Performance

Shares of NASDAQ:GTX opened at $26.66 on Monday. Garrett Motion Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $36.25. The firm’s 50 day moving average price is $30.79 and its 200 day moving average price is $26.33. The stock has a market cap of $4.97 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 0.68 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.53 EPS for the quarter, beating 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 company had revenue of $976.00 million for the quarter. During the same period in the prior year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts anticipate that Garrett Motion Inc. will post 1.91 EPS for the current year.

Garrett Motion Dividend Announcement

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

Analyst Upgrades and Downgrades

GTX has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Garrett Motion from a “hold” rating to a “buy” rating and raised their price objective for the company from $33.00 to $36.00 in a research note on Thursday, July 30th. Zacks Research lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Freedom Capital downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. upped their price objective on Garrett Motion from $33.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Finally, Wall Street Zen cut Garrett Motion from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Garrett Motion currently has an average rating of “Moderate Buy” and a consensus price target of $38.60.

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.