Assenagon Asset Management S.A. Decreases Stake in Garrett Motion Inc. (NYSE:GTX)

Assenagon Asset Management S.A. trimmed its holdings in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 59.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,333 shares of the company's stock after selling 114,982 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Garrett Motion were worth $664,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Gates Capital Management Inc. purchased a new stake in shares of Garrett Motion in the 4th quarter valued at about $40,068,000. Prevatt Capital Ltd increased its position in shares of Garrett Motion by 18.2% in the fourth quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock worth $29,348,000 after purchasing an additional 500,000 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Garrett Motion by 10.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,866,826 shares of the company's stock worth $25,886,000 after purchasing an additional 278,107 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in Garrett Motion by 6.4% in the fourth quarter. Gamco Investors INC. ET AL now owns 2,163,439 shares of the company's stock valued at $19,536,000 after purchasing an additional 130,873 shares in the last quarter. Finally, Royce & Associates LP lifted its position in Garrett Motion by 25.6% during the fourth quarter. Royce & Associates LP now owns 2,072,173 shares of the company's stock valued at $18,712,000 after purchasing an additional 422,955 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, BWS Financial increased their price target on shares of Garrett Motion from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, May 2nd.

Garrett Motion Stock Performance

GTX traded down $0.02 during trading on Thursday, reaching $10.19. The stock had a trading volume of 1,109,630 shares, compared to its average volume of 1,212,440. The business has a 50-day moving average of $10.34 and a 200-day moving average of $9.53. Garrett Motion Inc. has a one year low of $7.02 and a one year high of $12.09. The stock has a market cap of $2.06 billion, a PE ratio of 8.02 and a beta of 0.01.

Garrett Motion Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Monday, June 2nd. Garrett Motion's payout ratio is currently 18.60%.

Insider Activity

In other news, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the company's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total value of $1,350,000.00. Following the completion of the sale, the insider now owns 25,434,957 shares of the company's stock, valued at approximately $228,914,613. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion stock in a transaction on Thursday, May 29th. The stock was 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 now owns 8,906,010 shares in the company, valued at approximately $91,731,903. The trade was a 25.20% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,807,441 shares of company stock worth $47,590,841. 0.60% of the stock is currently owned by insiders.

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.