Comerica Bank raised its position in Garrett Motion Inc. (NASDAQ:GTX) by 22.0% during the fourth quarter, purchasing an additional 45,370 shares according to Securities and Exchange Commission filings. The financial institution now holds 251,371 shares valued at $4.38 million at the end of the quarter.
The bank's expanded investment came as Garrett Motion reported first-quarter earnings of $0.49 per share, exceeding analyst consensus estimates of $0.43 and signaling stronger operational performance. The company also reported revenue of $985 million, surpassing the expected $917.23 million and representing a 12.2% increase year-over-year.
Several other institutional investors also adjusted their holdings during the period. Spire Wealth Management increased its position by 971.2% in the fourth quarter, while TD Waterhouse Canada Inc. raised its stake by 1,422.3% during the same period. Baron Wealth Management LLC boosted its holdings by 6.3%, and Harbor Capital Advisors Inc. expanded its position by 99.2% in the fourth quarter. D Orazio & Associates Inc. increased its stake by 7.2% in the third quarter.
Garrett Motion announced multiple business developments that contributed to positive market sentiment. The company secured light-vehicle turbo program awards including range-extended electric vehicles, volume extensions for light commercial diesel applications, and awards in commercial and industrial sectors. The company also expanded its presence in battery thermal products and oil-free compressor technology.
The company's board declared a quarterly dividend of $0.08 per share, representing an annualized yield of approximately 1.2%, with payments scheduled to begin on June 15th. Institutional investors currently own 86.27% of the company's stock.
Company insiders have taken mixed actions in recent months. CEO Olivier Rabiller sold 144,000 shares on February 27th at an average price of $20.32, reducing his stake by 13.72%. Director Julia Steyn also sold 17,000 shares on February 24th at an average price of $19.86, representing a 25.29% decrease in her ownership. Over the preceding three months, insiders sold a combined 337,000 shares worth $6.84 million. Insiders currently hold 1.10% of company stock.
Garrett Motion stock closed Friday at $25.87, with a 50-day moving average of $19.08 and a 200-day moving average of $17.94. The company carries a market capitalization of $4.87 billion and trades at a price-to-earnings ratio of 15.13. Wall Street analysts anticipate the company will post $1.75 earnings per share for the current fiscal year.
