Dynamic Technology Lab Private Ltd Buys Shares of 42,753 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 stake in Garrett Motion Inc. (NYSE:GTX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 42,753 shares of the company's stock, valued at approximately $358,000.

A number of other hedge funds also recently made changes to their positions in GTX. Vestcor Inc acquired a new position in shares of Garrett Motion in the 1st quarter valued at $61,000. Deutsche Bank AG grew its holdings in shares of Garrett Motion by 185.5% in 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 bought a new stake in shares of Garrett Motion in the 1st quarter worth about $94,000. Pacific Global Investment Management Co. grew its holdings in shares of Garrett Motion by 41.6% in 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. Finally, Banque Cantonale Vaudoise bought a new stake in shares of Garrett Motion in the 1st quarter worth about $213,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Garrett Motion Stock Up 3.2%

NYSE:GTX traded up $0.42 during mid-day trading on Thursday, reaching $13.56. 15,401,169 shares of the company were exchanged, compared to its average volume of 2,189,504. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $13.59. The company has a fifty day moving average of $12.73 and a 200 day moving average of $10.86. The stock has a market cap of $2.73 billion, a PE ratio of 10.68 and a beta of 0.27.

Garrett Motion Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.06 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 1.8%. Garrett Motion's dividend payout ratio is presently 16.78%.

Insider Transactions at Garrett Motion

In other Garrett Motion news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company's stock in a transaction dated 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 transaction, the insider directly owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $13.00, for a total transaction of $16,900,000.00. Following the transaction, the insider owned 21,128,348 shares in the company, valued at approximately $274,668,524. The trade was a 5.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,520,627 shares of company stock worth $165,408,993. Corporate insiders own 0.83% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on GTX. BNP Paribas Exane began coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 target price on the stock. BNP Paribas began coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating on the stock. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. Finally, BWS Financial reaffirmed a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a report on Wednesday, June 25th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Garrett Motion presently has a consensus rating of "Moderate Buy" and a consensus 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.