Cubist Systematic Strategies LLC Purchases New Position in Garrett Motion Inc. $GTX

Key Points

• Cubist Systematic Strategies LLC acquired 263,615 shares of Garrett Motion Inc. valued at approximately $2.206 million, representing a 0.13% ownership stake in the company at the end of the most recent quarter.
• Insider sales included Centerbridge Credit Partners M, which sold 9 million shares worth about $110 million, and major shareholder Cyrus Capital Partners, L.P. selling 500,000 shares for $6.64 million.
• Garrett Motion recently declared a quarterly dividend of $0.06 per share, leading to an annualized yield of 1.8%, with a dividend payout ratio of 16.78%.

Cubist Systematic Strategies LLC acquired a new position in Garrett Motion Inc. (NYSE:GTX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 263,615 shares of the company's stock, valued at approximately $2,206,000. Cubist Systematic Strategies LLC owned approximately 0.13% of Garrett Motion at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Deutsche Bank AG boosted its position in shares of Garrett Motion by 14.4% in the 1st quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock worth $79,000 after purchasing an additional 1,181 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Garrett Motion by 9.2% in the 4th quarter. California State Teachers Retirement System now owns 75,376 shares of the company's stock worth $681,000 after purchasing an additional 6,326 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Garrett Motion by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 303,054 shares of the company's stock worth $2,537,000 after purchasing an additional 6,577 shares in the last quarter. Pacific Global Investment Management Co. lifted 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 acquiring an additional 6,928 shares during the period. Finally, Vestcor Inc acquired a new stake in Garrett Motion during the 1st quarter worth about $61,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. BNP Paribas assumed coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating for the company. BWS Financial reaffirmed a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a research report on Wednesday, June 25th. BNP Paribas Exane assumed coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target for the company. Finally, Zacks Research cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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 in the company, valued at approximately $274,668,524. This trade represents a 5.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 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 quarter. Company insiders own 0.60% of the company's stock.

Garrett Motion Trading Down 0.2%

Shares of NYSE GTX traded down $0.03 during trading on Wednesday, reaching $13.21. 2,232,625 shares of the company traded hands, compared to its average volume of 2,109,291. The firm's fifty day simple moving average is $12.44 and its 200 day simple moving average is $10.70. The stock has a market cap of $2.66 billion, a P/E ratio of 10.40 and a beta of 0.27. Garrett Motion Inc. has a 12-month low of $7.01 and a 12-month high of $13.52.

Garrett Motion Announces Dividend

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 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 1.8%. 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.