Dynamic Technology Lab Private Ltd Makes New Investment in Garrett Motion Inc. $GTX

Key Points

• Dynamic Technology Lab Private Ltd made a new investment in Garrett Motion Inc. by acquiring 42,753 shares valued at approximately $358,000 during the 1st quarter of the year.
• Insider transactions revealed significant sales, with Centerbridge Credit Partners M selling 9 million shares for around $110.43 million, decreasing their ownership by 65.5%.
• Garrett Motion announced a quarterly dividend of $0.06 per share, which will be paid on September 16th, 2023, reflecting an annualized yield of 1.8%.

Dynamic Technology Lab Private Ltd acquired a new position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 42,753 shares of the company's stock, valued at approximately $358,000.

Several other large investors have also modified their holdings of the company. New Vernon Capital Holdings II LLC bought a new stake in Garrett Motion in the 1st quarter valued at $1,624,000. Maverick Capital Ltd. boosted its position in shares of Garrett Motion by 113.6% during the 1st quarter. Maverick Capital Ltd. now owns 65,716 shares of the company's stock valued at $550,000 after acquiring an additional 34,944 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Garrett Motion during the 1st quarter valued at about $2,206,000. Gates Capital Management Inc. boosted its position in shares of Garrett Motion by 53.1% during the 1st 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 in the last quarter. Finally, OMERS ADMINISTRATION Corp boosted its position in shares of Garrett Motion by 296.5% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 253,150 shares of the company's stock valued at $2,119,000 after acquiring an additional 189,300 shares in the last quarter. 86.27% of the stock is owned by institutional investors.

Insider Transactions at Garrett Motion

In other Garrett Motion news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's 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 completion of the transaction, the insider directly owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. The trade was a 65.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the business's 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 directly owned 21,128,348 shares of the company's stock, valued at approximately $274,668,524. This represents a 5.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,520,627 shares of company stock valued at $165,408,993. Insiders own 0.83% of the company's stock.

Garrett Motion Trading Down 2.0%

Shares of NYSE GTX opened at $13.09 on Friday. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.52. The company has a market cap of $2.64 billion, a PE ratio of 10.31 and a beta of 0.27. The company has a 50-day moving average of $12.57 and a two-hundred day moving average of $10.77.

Garrett Motion Announces Dividend

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 paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.8%. Garrett Motion's payout ratio is currently 16.78%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. BNP Paribas assumed coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating on the stock. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. BWS Financial reiterated a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research report on Wednesday, June 25th. Finally, BNP Paribas Exane assumed coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target for the company. Three equities research 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 currently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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