Pacer Advisors Inc. Acquires 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 stake in Garrett Motion Inc. (NYSE:GTX - Free Report) in the first quarter, according to the company in its most recent 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 about 0.76% of Garrett Motion at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of GTX. Gates Capital Management Inc. acquired a new stake in shares of Garrett Motion during the 4th quarter worth approximately $40,068,000. New South Capital Management Inc. increased 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 valued at $34,855,000 after purchasing an additional 1,645,460 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new position in Garrett Motion in the 4th quarter valued at approximately $13,147,000. Prevatt Capital Ltd boosted its position in Garrett Motion by 18.2% in the 4th quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock valued at $29,348,000 after buying an additional 500,000 shares during the period. Finally, Marshall Wace LLP purchased a new position in Garrett Motion in the 4th quarter valued at approximately $3,565,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Insider Transactions at Garrett Motion

In other Garrett Motion news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $10.30, for a total value of $30,900,000.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 58,829 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $11.80, for a total transaction of $694,182.20. Following the completion of the sale, the insider directly owned 22,846,995 shares in the company, valued at $269,594,541. This trade represents a 0.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,990,082 shares of company stock worth $52,389,252. 0.83% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GTX. BNP Paribas began coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating for the company. BNP Paribas Exane assumed coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target on the stock. Finally, BWS Financial restated a "buy" rating and issued a $14.00 price objective on shares of Garrett Motion in a research note on Wednesday, June 25th.

Garrett Motion Trading Up 1.2%

Shares of Garrett Motion stock traded up $0.15 on Monday, reaching $13.09. 2,861,697 shares of the stock were exchanged, compared to its average volume of 1,869,307. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.32. The business has a fifty day moving average price of $10.86 and a two-hundred day moving average price of $9.92. The firm has a market capitalization of $2.65 billion, a PE ratio of 10.31 and a beta of 0.01.

Garrett Motion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.83%. Garrett Motion's dividend payout ratio (DPR) is 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.