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Is Garrett Motion (GTX) A Great Buy?

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McIntyre Partnerships, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. Through Q3 2021, McIntyre Partnerships returned approx. 71% gross and 59% net. This compares to S&P 500 and Russell 2000 Value returns including dividends of 16% and 23%, respectively. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

McIntyre Partnerships, in its Q3 2021 investor letter, mentioned Garrett Motion Inc. (NYSE: GTX) and discussed its stance on the firm. Garrett Motion Inc. is a Switzerland-based automobile technology provider company with a $486.6 million market capitalization. GTX delivered a 68.85% return since the beginning of the year, while its 12-month returns are up by 45.24%. The stock closed at $7.48 per share on December 21, 2021.

Here is what McIntyre Partnerships has to say about Garrett Motion Inc. in its Q3 2021 investor letter:

"Despite some modest movements in positions, Q3 was a relatively uneventful period. Our concentration in GTX and its pullback during the quarter drove most of our decline, but our performance largely mirrored the macro undercurrents during the quarter, with small cap and value stocks flat to down after a strong H1 performance. Auto suppliers broadly fell as semiconductor supply issues caused a significant retrenchment in global auto production. Entering Q3, most market observers expected Q2 to mark a trough with Q3 production forecast up 10% sequentially. Instead, auto production fell 10% sequentially and consensus now expects 2021 auto production to be flat year-over-year. Despite the supply issues, auto demand remains strong, as evidenced by sharply rising used car prices and record low dealer inventories, and I believe auto production issues are delayed rather than lost sales."

automotive industries
automotive industries

Copyright: microolga / 123RF Stock Photo

Based on our calculations, Garrett Motion Inc. (NYSE: GTX) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. GTX was in 21 hedge fund portfolios at the end of the third quarter of 2021, compared to 17 funds in the previous quarter. Garrett Motion Inc. (NYSE: GTX) delivered an 11.48% return in the past 3 months.

In September this year, we also shared another hedge fund's views on GTX in another article. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.