AlphaQuest LLC Cuts Stock Holdings in Garrett Motion Inc. $GTX

Key Points

• AlphaQuest LLC has reduced its stake in Garrett Motion Inc. by 62.1%, now holding 15,255 shares valued at approximately $128,000, following the sale of 24,980 shares.
• Insider activity indicates significant selling, with major shareholders selling a total of over 12.9 million shares, impacting their ownership positions drastically.
• Garrett Motion recently announced a quarterly dividend of $0.06, with a yield of 1.8% and a payout ratio of 16.78%.

AlphaQuest LLC lowered its holdings in Garrett Motion Inc. (NYSE:GTX - Free Report) by 62.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,255 shares of the company's stock after selling 24,980 shares during the quarter. AlphaQuest LLC's holdings in Garrett Motion were worth $128,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Deutsche Bank AG lifted its stake in Garrett Motion by 14.4% during the 1st quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock valued at $79,000 after acquiring an additional 1,181 shares in the last quarter. Mariner LLC lifted its stake in Garrett Motion by 35.6% during the 4th quarter. Mariner LLC now owns 19,434 shares of the company's stock valued at $175,000 after acquiring an additional 5,107 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Garrett Motion by 14.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 49,325 shares of the company's stock valued at $445,000 after acquiring an additional 6,141 shares in the last quarter. California State Teachers Retirement System lifted its stake in Garrett Motion by 9.2% during the 4th quarter. California State Teachers Retirement System now owns 75,376 shares of the company's stock valued at $681,000 after acquiring an additional 6,326 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Garrett Motion by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 303,054 shares of the company's stock valued at $2,537,000 after acquiring an additional 6,577 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Stock Down 0.8%

GTX traded down $0.10 during trading hours on Friday, hitting $13.08. The stock had a trading volume of 1,318,713 shares, compared to its average volume of 2,108,955. The company's fifty day simple moving average is $12.34 and its 200 day simple moving average is $10.65. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $13.52. The stock has a market cap of $2.64 billion, a PE ratio of 10.30 and a beta of 0.27.

Garrett Motion Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's payout ratio is presently 16.78%.

Wall Street Analyst Weigh In

GTX has been the topic of several recent analyst reports. BNP Paribas Exane assumed coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective on the stock. BWS Financial reiterated a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research note on Wednesday, June 25th. BNP Paribas assumed coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating on the stock. Finally, Zacks Research cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Insider Transactions at Garrett Motion

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $13.00, for a total transaction of $16,900,000.00. Following the completion of the transaction, the insider owned 21,128,348 shares of the company's stock, valued at $274,668,524. The trade was a 5.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total value of $110,430,000.00. Following the transaction, the insider directly owned 4,740,569 shares of the company's stock, valued at $58,166,781.63. The trade was a 65.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,907,224 shares of company stock valued at $157,275,679 in the last ninety days. Insiders own 0.83% of the company's stock.

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.