State of Wyoming Has $1.07 Million Holdings in Garrett Motion Inc. $GTX

by · The Markets Daily

State of Wyoming raised its stake in shares of Garrett Motion Inc. (NYSE:GTX – Free Report) by 184.6% in the second quarter, Holdings Channel reports. The fund owned 101,836 shares of the company’s stock after acquiring an additional 66,049 shares during the period. State of Wyoming’s holdings in Garrett Motion were worth $1,070,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Jones Financial Companies Lllp bought a new stake in Garrett Motion during the 1st quarter worth approximately $42,000. Tower Research Capital LLC TRC acquired a new position in Garrett Motion in the second quarter worth $45,000. Amalgamated Bank bought a new stake in shares of Garrett Motion during the second quarter worth $46,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Garrett Motion by 4,655.8% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company’s stock valued at $47,000 after buying an additional 4,423 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ bought a new position in shares of Garrett Motion in the second quarter valued at about $61,000. 86.27% of the stock is owned by institutional investors and hedge funds.

Garrett Motion Price Performance

Shares of NYSE:GTX opened at $17.05 on Friday. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 13.43 and a beta of 0.23. The company has a 50 day moving average of $15.74 and a 200-day moving average of $13.35. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $17.91.

Garrett Motion (NYSE:GTX – Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the firm earned $0.24 EPS. The company’s revenue was up 9.2% compared to the same quarter last year. Equities research analysts anticipate that Garrett Motion Inc. will post 1.25 earnings per share for the current year.

Garrett Motion Increases Dividend

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

Garrett Motion declared that its board has initiated a stock buyback program on Wednesday, December 3rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on GTX. BWS Financial increased their price objective on shares of Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Friday. Stifel Nicolaus set a $20.00 price target on shares of Garrett Motion in a research note on Friday, October 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of Garrett Motion in a report on Monday, October 20th. They issued a “hold” rating and a $14.00 price target for the company. Finally, Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $17.50.

View Our Latest Stock Report on GTX

Garrett Motion Company Profile

(Free Report)

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.

See Also

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