Caxton Associates LLP Buys New Stake in Garrett Motion Inc. $GTX

Key Points

• Caxton Associates LLP invested approximately $331,000 in Garrett Motion Inc., acquiring 39,542 shares in the first quarter of the year.
• Insiders have sold over 13.5 million shares of Garrett Motion stock in the last 90 days, which represents a significant decrease in their ownership.
• Garrett Motion announced a quarterly dividend of $0.06 per share, with an ex-dividend date of September 2nd, indicating a dividend yield of 1.8%.

Caxton Associates LLP acquired a new position in Garrett Motion Inc. (NYSE:GTX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 39,542 shares of the company's stock, valued at approximately $331,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp purchased a new stake in Garrett Motion during the 1st quarter worth approximately $42,000. Vestcor Inc purchased a new stake in Garrett Motion during the 1st quarter worth approximately $61,000. Deutsche Bank AG grew its position in Garrett Motion by 185.5% during the 4th quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock worth $74,000 after purchasing an additional 5,329 shares during the last quarter. Virtu Financial LLC purchased a new stake in Garrett Motion during the 1st quarter worth approximately $94,000. Finally, Pacific Global Investment Management Co. grew its position in Garrett Motion by 41.6% during the 1st quarter. Pacific Global Investment Management Co. now owns 23,568 shares of the company's stock worth $197,000 after purchasing an additional 6,928 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company's stock.

Garrett Motion Trading Up 3.2%

NYSE GTX traded up $0.42 on Thursday, hitting $13.56. 15,401,169 shares of the company's stock traded hands, compared to its average volume of 2,189,504. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.59. The firm's 50-day moving average price is $12.73 and its two-hundred day moving average price is $10.86. The firm has a market capitalization of $2.73 billion, a PE ratio of 10.68 and a beta of 0.27.

Garrett Motion Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Tuesday, September 2nd. Garrett Motion's payout ratio is currently 16.78%.

Insider Buying and Selling at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $13.00, for a total value of $16,900,000.00. Following the completion of the transaction, the insider directly owned 21,128,348 shares in the company, valued at $274,668,524. The trade was a 5.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total transaction of $110,430,000.00. Following the completion of the transaction, the insider owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,520,627 shares of company stock valued at $165,408,993. Company insiders own 0.83% of the company's stock.

Analyst Upgrades and Downgrades

GTX has been the topic of several research analyst reports. BNP Paribas initiated coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating on the stock. BNP Paribas Exane initiated coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 target price on the stock. BWS Financial reissued a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research report on Wednesday, June 25th. Finally, Zacks Research cut shares of 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

About Garrett Motion

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.