Lingotto Investment Management LLP Invests $6.87 Million in Garrett Motion Inc. (NYSE:GTX)

Lingotto Investment Management LLP bought a new position in shares of Garrett Motion Inc. (NYSE:GTX) during the second quarter, HoldingsChannel reports. The institutional investor bought 800,000 shares of the company’s stock, valued at approximately $6,872,000.

Other institutional investors have also modified their holdings of the company. nVerses Capital LLC purchased a new position in shares of Garrett Motion during the second quarter worth approximately $67,000. Caprock Group LLC purchased a new position in Garrett Motion during the second quarter valued at approximately $103,000. Prairiewood Capital LLC bought a new position in Garrett Motion in the first quarter worth approximately $135,000. SG Americas Securities LLC purchased a new stake in Garrett Motion during the second quarter worth $118,000. Finally, Financial Management Professionals Inc. lifted its holdings in Garrett Motion by 93.1% during the first quarter. Financial Management Professionals Inc. now owns 16,344 shares of the company’s stock worth $162,000 after buying an additional 7,879 shares during the period. 86.27% of the stock is owned by hedge funds and other institutional investors.

Garrett Motion Stock Up 1.1 %

Garrett Motion stock opened at $8.13 on Wednesday. The business has a fifty day moving average of $8.43 and a two-hundred day moving average of $8.98. The firm has a market cap of $1.84 billion, a P/E ratio of -7.07 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 posted 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. The company had revenue of $890.00 million during the quarter, compared to analyst estimates 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 in the prior year, the business earned ($1.88) earnings per share. Equities analysts expect that Garrett Motion Inc. will post 1.17 earnings per share for the current year.

Insider Activity

In other news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of the stock in a transaction 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 in the company, valued at approximately $273,647,353.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Julia Steyn sold 14,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.77, for a total transaction of $122,780.00. Following the completion of the sale, the director now owns 53,781 shares in the company, valued at approximately $471,659.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 completion of the transaction, the insider now directly owns 27,337,398 shares in the company, valued at $273,647,353.98. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BWS Financial lowered their target price on Garrett Motion from $15.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, July 25th.

Garrett Motion Company 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.