Key Points
- CFO Sean Deason sold 110,000 shares of Garrett Motion stock for about $3.51 million in a transaction executed under a pre-arranged Rule 10b5-1 plan. After the sale, he still held 261,909 shares valued at roughly $8.36 million.
- Garrett Motion beat earnings and revenue expectations in its latest quarterly report, posting $0.49 EPS versus $0.43 expected and $985 million in revenue versus $917.23 million expected. Revenue rose 12.2% year over year.
- The company also announced a quarterly dividend of $0.08 per share, payable June 15, representing an annualized yield of about 1.0%. Analysts currently rate the stock a Moderate Buy with an average price target of $31.83.
Garrett Motion Inc. (NASDAQ:GTX - Get Free Report) CFO Sean Deason sold 110,000 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the completion of the sale, the chief financial officer directly owned 261,909 shares in the company, valued at $8,362,754.37. This trade represents a 29.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Garrett Motion Price Performance
Garrett Motion stock opened at $32.25 on Tuesday. Garrett Motion Inc. has a 1-year low of $9.57 and a 1-year high of $34.34. The firm has a market capitalization of $6.04 billion, a P/E ratio of 18.86, a price-to-earnings-growth ratio of 1.00 and a beta of 0.79. The company's 50-day moving average is $25.35 and its 200 day moving average is $20.65.
Garrett Motion (NASDAQ:GTX - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.06. The company had revenue of $985.00 million for the quarter, compared to analyst estimates of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm's revenue for the quarter was up 12.2% compared to the same quarter last year. Research analysts anticipate that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.
Garrett Motion Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Monday, June 1st. Garrett Motion's dividend payout ratio is currently 18.71%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. purchased a new position in Garrett Motion in the fourth quarter valued at about $180,383,000. William Blair Investment Management LLC grew its stake in Garrett Motion by 51.0% in the third quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company's stock valued at $105,090,000 after purchasing an additional 2,605,296 shares during the last quarter. LSV Asset Management grew its stake in Garrett Motion by 45.8% in the fourth quarter. LSV Asset Management now owns 6,235,408 shares of the company's stock valued at $108,683,000 after purchasing an additional 1,958,808 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Garrett Motion by 170.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company's stock valued at $89,580,000 after purchasing an additional 3,241,952 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in Garrett Motion by 85.9% in the fourth quarter. Marshall Wace LLP now owns 4,473,196 shares of the company's stock valued at $77,968,000 after purchasing an additional 2,067,264 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on GTX shares. Stifel Nicolaus upped their target price on shares of Garrett Motion from $29.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. Freedom Capital downgraded shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. BWS Financial upped their target price on shares of Garrett Motion from $32.00 to $42.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. Finally, Royal Bank Of Canada set a $42.00 target price on shares of Garrett Motion in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $31.83.
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About Garrett Motion
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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.
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