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

Gabelli Funds LLC lifted its holdings in shares of Garrett Motion Inc. (NYSE:GTX) by 2.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 919,260 shares of the company’s stock after acquiring an additional 22,396 shares during the quarter. Gabelli Funds LLC owned 0.41% of Garrett Motion worth $7,896,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of GTX. William Blair Investment Management LLC grew its stake in Garrett Motion by 168.3% during the 1st quarter. William Blair Investment Management LLC now owns 6,888,152 shares of the company’s stock valued at $68,468,000 after purchasing an additional 4,320,406 shares in the last quarter. Prevatt Capital Ltd purchased a new position in shares of Garrett Motion during the 4th quarter valued at approximately $24,188,000. Lingotto Investment Management LLP acquired a new stake in shares of Garrett Motion during the second quarter worth approximately $6,872,000. Findell Capital Management LLC bought a new stake in shares of Garrett Motion in the fourth quarter worth $6,875,000. Finally, Corient Private Wealth LLC bought a new stake in shares of Garrett Motion in the fourth quarter worth $3,573,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Insider Buying and Selling

In other Garrett Motion news, Director Julia Steyn sold 14,000 shares of Garrett Motion stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $8.77, for a total value of $122,780.00. Following the completion of the transaction, the director now owns 53,781 shares of the company’s stock, valued at $471,659.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Garrett Motion news, Director Julia Steyn sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.77, for a total value of $122,780.00. Following the transaction, the director now owns 53,781 shares of the company’s stock, valued at $471,659.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 shares were sold at an average price of $10.01, for a total value of $37,827.79. Following the transaction, the insider now directly owns 27,337,398 shares of the company’s stock, valued at $273,647,353.98. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.

Garrett Motion Stock Performance

Shares of GTX stock opened at $8.12 on Tuesday. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -7.06 and a beta of 1.15. Garrett Motion Inc. has a one year low of $6.43 and a one year high of $10.16. The company’s 50-day simple moving average is $8.35 and its 200-day simple moving average is $8.94.

Garrett Motion (NYSE:GTX) last released its earnings results on Thursday, July 25th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The company had revenue of $890.00 million for 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 quarter last year, the business posted ($1.88) EPS. As a group, research analysts forecast that Garrett Motion Inc. will post 1.17 EPS for the current year.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “buy” rating and set a $12.00 price objective on shares of Garrett Motion in a research note on Thursday, September 19th.

Garrett Motion Profile

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.