Garrett Motion Inc. (NYSE:GTX) Holdings Decreased by Legion Partners Asset Management LLC

Legion Partners Asset Management LLC trimmed its holdings in shares of Garrett Motion Inc. (NYSE:GTX) by 78.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 521,156 shares of the company’s stock after selling 1,891,798 shares during the period. Garrett Motion makes up approximately 1.4% of Legion Partners Asset Management LLC’s investment portfolio, making the stock its 12th largest position. Legion Partners Asset Management LLC’s holdings in Garrett Motion were worth $4,477,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Pekin Hardy Strauss Inc. increased its holdings in shares of Garrett Motion by 2.2% in the 2nd 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 lifted 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 worth $174,000 after buying an additional 2,933 shares in the last quarter. Baker Ellis Asset Management LLC boosted its stake in shares of 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 buying an additional 3,981 shares during the period. nVerses Capital LLC purchased a new position in shares of Garrett Motion during the 2nd quarter valued at $67,000. Finally, Financial Management Professionals Inc. increased 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 acquiring an additional 7,879 shares during the last quarter. 86.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Garrett Motion Price Performance

Shares of Garrett Motion stock opened at $8.32 on Friday. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -7.23 and a beta of 1.15. The stock has a 50-day simple moving average of $8.26 and a 200-day simple moving average of $8.92. Garrett Motion Inc. has a 52-week low of $6.43 and a 52-week high of $10.16.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. The firm had revenue of $890.00 million for the quarter, compared to analyst estimates of $950.00 million. Garrett Motion had a net margin of 6.44% and a negative return on equity of 33.11%. During the same quarter last year, the firm earned ($1.88) earnings per share. As a group, equities research analysts predict that Garrett Motion Inc. will post 1.13 earnings per share for the current year.

Insider Buying and Selling

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of the firm’s 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 in the company, valued at $273,647,353.98. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Garrett Motion 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 transaction of $37,827.79. Following the completion of the sale, the insider now owns 27,337,398 shares of the company’s stock, valued at $273,647,353.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julia Steyn sold 14,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 53,781 shares in the company, valued at approximately $471,659.37. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.

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.