Gabelli Funds LLC Trims Stake in Garrett Motion Inc. (NYSE:GTX)

Gabelli Funds LLC reduced its position in Garrett Motion Inc. (NYSE:GTX) by 10.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 896,864 shares of the company’s stock after selling 106,192 shares during the period. Gabelli Funds LLC owned 0.40% of Garrett Motion worth $8,915,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GTX. Citigroup Inc. lifted its holdings in shares of Garrett Motion by 152.8% in the 3rd quarter. Citigroup Inc. now owns 14,158 shares of the company’s stock valued at $112,000 after purchasing an additional 8,558 shares during the last quarter. Vanguard Group Inc. raised its stake in Garrett Motion by 152.0% during the 3rd quarter. Vanguard Group Inc. now owns 2,224,144 shares of the company’s stock valued at $17,526,000 after acquiring an additional 1,341,535 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Garrett Motion during the 4th quarter valued at approximately $113,000. Altfest L J & Co. Inc. raised its stake in Garrett Motion by 98.0% during the 4th quarter. Altfest L J & Co. Inc. now owns 19,800 shares of the company’s stock valued at $191,000 after acquiring an additional 9,800 shares during the last quarter. Finally, Quent Capital LLC raised its stake in Garrett Motion by 27,500.0% during the 4th quarter. Quent Capital LLC now owns 11,040 shares of the company’s stock valued at $107,000 after acquiring an additional 11,000 shares during the last quarter. 86.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, BWS Financial reduced their price objective on Garrett Motion from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday.

Garrett Motion Stock Up 8.7 %

GTX traded up $0.70 on Friday, hitting $8.76. 1,888,893 shares of the company traded hands, compared to its average volume of 837,781. The company has a 50 day moving average of $8.88 and a 200-day moving average of $9.19. The stock has a market capitalization of $1.98 billion, a PE ratio of 8.67 and a beta of 1.21. Garrett Motion Inc. has a 12-month low of $6.43 and a 12-month high of $10.16.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.24 by $0.04. The firm had revenue of $890.00 million during the quarter, compared to the consensus estimate of $950.00 million. Garrett Motion had a negative return on equity of 33.11% and a net margin of 6.44%. During the same period in the prior year, the business earned ($1.88) EPS. On average, research analysts anticipate that Garrett Motion Inc. will post 1.17 EPS for the current year.

Insider Transactions at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $10.01, for a total value of $37,827.79. Following the sale, the insider now owns 27,337,398 shares in the company, valued at approximately $273,647,353.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.60% of the company’s stock.

About Garrett Motion

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.