Twin Tree Management LP Invests $2.05 Million in Garrett Motion Inc. $GTX

Twin Tree Management LP purchased a new stake in shares of Garrett Motion Inc. (NASDAQ:GTX) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 56,662 shares of the company’s stock, valued at approximately $2,053,000.

A number of other institutional investors also recently bought and sold shares of GTX. Jones Financial Companies Lllp purchased a new stake in Garrett Motion in the first quarter worth about $42,000. Jane Street Group LLC grew its holdings in shares of Garrett Motion by 641.7% during the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after acquiring an additional 78,661 shares during the period. Cetera Investment Advisers purchased a new position in shares of Garrett Motion during the 2nd quarter worth approximately $121,000. Legal & General Group Plc raised its position in shares of Garrett Motion by 30.4% in the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock worth $1,024,000 after acquiring an additional 22,727 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in shares of Garrett Motion in the 2nd quarter worth approximately $225,000. 86.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GTX shares. Wall Street Zen lowered Garrett Motion from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garrett Motion in a report on Friday, July 24th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Stifel Nicolaus raised their price objective on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Garrett Motion from $33.00 to $37.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and an average target price of $38.60.

Garrett Motion Stock Performance

GTX stock opened at $26.62 on Friday. The firm has a 50 day moving average price of $31.55 and a 200-day moving average price of $26.00. Garrett Motion Inc. has a 52-week low of $12.26 and a 52-week high of $36.25. The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 0.68 and a beta of 0.82.

Garrett Motion (NASDAQ:GTX) last posted its quarterly 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. The firm had revenue of $976.00 million during the quarter. Garrett Motion had a negative return on equity of 46.50% and a net margin of 9.51%.Garrett Motion’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 EPS. 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 Announces Dividend

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

Insider Activity at Garrett Motion

In related news, 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 transaction, 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the stock in a transaction 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 sale, the chief financial officer owned 261,909 shares in the company, valued at approximately $8,362,754.37. This represents a 29.58% decrease in their ownership of the stock. 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. Insiders sold 196,656 shares of company stock valued at $6,382,413 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

About Garrett Motion

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.