Pacer Advisors Inc. Purchases New Position in Garrett Motion Inc. (NYSE:GTX)

Key Points

• Pacer Advisors Inc. acquired 1,546,552 shares of Garrett Motion Inc. (NYSE:GTX) in Q1, totaling approximately $12.9 million and representing 0.76% of the company.
• Garrett Motion's quarterly dividend of $0.06 per share is set to be paid on September 16th, resulting in an annual yield of 1.85%.
• Major shareholder Centerbridge Credit Partners M sold 3,000,000 shares, reducing its stake in the company by 25.20%, while insiders sold a total of 4,990,082 shares over the last quarter.

Pacer Advisors Inc. acquired a new position in Garrett Motion Inc. (NYSE:GTX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,546,552 shares of the company's stock, valued at approximately $12,945,000. Pacer Advisors Inc. owned approximately 0.76% of Garrett Motion at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GTX. Gates Capital Management Inc. purchased a new stake in shares of Garrett Motion in the 4th quarter worth $40,068,000. New South Capital Management Inc. boosted its holdings in Garrett Motion by 65.3% in the 1st quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock worth $34,855,000 after buying an additional 1,645,460 shares during the period. Frontier Capital Management Co. LLC bought a new position in Garrett Motion in the 4th quarter worth $13,147,000. Prevatt Capital Ltd boosted its holdings in Garrett Motion by 18.2% in the 4th quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock worth $29,348,000 after buying an additional 500,000 shares during the period. Finally, Marshall Wace LLP bought a new position in Garrett Motion in the 4th quarter worth $3,565,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Garrett Motion news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $10.30, for a total transaction of $30,900,000.00. Following the completion of the transaction, the insider owned 8,906,010 shares of the company's stock, valued at $91,731,903. This represents a 25.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,196,526 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $10.46, for a total transaction of $12,515,661.96. Following the transaction, the insider directly owned 23,705,198 shares of the company's stock, valued at $247,956,371.08. This trade represents a 4.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,990,082 shares of company stock valued at $52,389,252 in the last three months. Insiders own 0.83% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. BNP Paribas assumed coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating for the company. BWS Financial reaffirmed a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a report on Wednesday, June 25th. Finally, BNP Paribas Exane assumed coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 target price for the company.

Garrett Motion Stock Performance

Shares of GTX traded down $0.09 during midday trading on Wednesday, hitting $12.98. 268,856 shares of the company traded hands, compared to its average volume of 1,857,483. The firm has a 50 day moving average of $10.90 and a 200-day moving average of $9.97. Garrett Motion Inc. has a 52 week low of $7.01 and a 52 week high of $13.32. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 10.23 and a beta of 0.01.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's dividend payout ratio (DPR) is presently 16.78%.

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.