Garrett Motion Inc. (NYSE:GTX) Position Cut by Legion Partners Asset Management LLC

Legion Partners Asset Management LLC lowered its position in shares of Garrett Motion Inc. (NYSE:GTX) by 78.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 521,156 shares of the company’s stock after selling 1,891,798 shares during the period. Garrett Motion accounts for 1.4% of Legion Partners Asset Management LLC’s portfolio, making the stock its 12th biggest holding. Legion Partners Asset Management LLC owned about 0.23% of Garrett Motion worth $4,477,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GTX. Pekin Hardy Strauss Inc. increased its stake in shares of Garrett Motion by 2.2% in the second quarter. Pekin Hardy Strauss Inc. now owns 94,850 shares of the company’s stock valued at $815,000 after purchasing an additional 2,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Garrett Motion by 17.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,203 shares of the company’s stock valued at $174,000 after acquiring an additional 2,933 shares during the period. Baker Ellis Asset Management LLC raised its stake in Garrett Motion by 1.7% during the 2nd quarter. Baker Ellis Asset Management LLC now owns 236,353 shares of the company’s stock valued at $2,030,000 after acquiring an additional 3,981 shares in the last quarter. nVerses Capital LLC acquired a new position in Garrett Motion during the 2nd quarter worth $67,000. Finally, Financial Management Professionals Inc. grew its stake in shares of Garrett Motion by 93.1% in the first quarter. Financial Management Professionals Inc. now owns 16,344 shares of the company’s stock worth $162,000 after purchasing an additional 7,879 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of Garrett Motion stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $10.01, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Julia Steyn sold 14,000 shares of Garrett Motion stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.77, for a total value of $122,780.00. Following the transaction, the director now directly owns 53,781 shares in the company, valued at approximately $471,659.37. The sale was disclosed in a legal 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 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 sale, 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. Insiders own 0.60% of the company’s stock.

Garrett Motion Trading Up 4.0 %

Shares of NYSE:GTX opened at $8.32 on Friday. The company has a 50 day moving average of $8.26 and a 200-day moving average of $8.92. The firm has a market cap of $1.82 billion, a P/E ratio of -7.23 and a beta of 1.15. Garrett Motion Inc. has a twelve month low of $6.43 and a twelve month high of $10.16.

Garrett Motion (NYSE:GTX) last released its earnings results on Thursday, July 25th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. Garrett Motion had a negative return on equity of 33.11% and a net margin of 6.44%. The firm had revenue of $890.00 million during the quarter, compared to the consensus estimate of $950.00 million. During the same period in the prior year, the firm posted ($1.88) earnings per share. Equities research analysts forecast that Garrett Motion Inc. will post 1.13 EPS for the current year.

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.