Deltec Asset Management LLC Sells 24,150 Shares of Garrett Motion Inc. $GTX

Key Points

• Deltec Asset Management LLC reduced its stake in Garrett Motion Inc. by 32.6%, selling 24,150 shares and now holding 50,000 shares worth approximately $526,000.
• Major shareholder Cyrus Capital Partners, L.P. sold 1.3 million shares for $16.9 million, resulting in a 5.80% decrease in their ownership.
• The stock has a Moderate Buy consensus rating from analysts, with a price target ranging from $14.00 to $18.00.

Deltec Asset Management LLC lessened its holdings in Garrett Motion Inc. (NYSE:GTX - Free Report) by 32.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,000 shares of the company's stock after selling 24,150 shares during the period. Deltec Asset Management LLC's holdings in Garrett Motion were worth $526,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Gates Capital Management Inc. grew its position in Garrett Motion by 53.1% in the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company's stock valued at $56,879,000 after acquiring an additional 2,358,294 shares during the last quarter. New South Capital Management Inc. grew its position in Garrett Motion by 65.3% in the first quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock valued at $34,855,000 after acquiring an additional 1,645,460 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Garrett Motion by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company's stock worth $19,285,000 after purchasing an additional 62,844 shares during the last quarter. GW&K Investment Management LLC grew its holdings in shares of Garrett Motion by 0.9% during the first quarter. GW&K Investment Management LLC now owns 2,210,458 shares of the company's stock worth $18,502,000 after purchasing an additional 19,412 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new stake in shares of Garrett Motion during the first quarter worth about $12,945,000. Institutional investors own 86.27% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the company's stock in a transaction that occurred on 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 transaction, the insider directly owned 21,128,348 shares of the company's stock, valued at $274,668,524. This represents a 5.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was 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 in the company, valued at $58,166,781.63. The trade was a 65.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,272,236 shares of company stock worth $152,322,816 over the last ninety days. 0.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GTX has been the topic of several research reports. BNP Paribas initiated coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating on the stock. BNP Paribas Exane initiated coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target on the stock. Zacks Research cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. BWS Financial boosted their price target on Garrett Motion from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Stifel Nicolaus began coverage on Garrett Motion in a research note on Friday, September 19th. They issued a "buy" rating and a $17.50 price objective on the stock. Four equities research 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, Garrett Motion presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.

Garrett Motion Stock Performance

Shares of GTX opened at $13.62 on Wednesday. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $14.01. The business's 50 day moving average price is $13.07 and its two-hundred day moving average price is $11.12. The firm has a market cap of $2.75 billion, a PE ratio of 10.72 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. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. Garrett Motion's dividend payout ratio 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.