Maverick Capital Ltd. Boosts Stake in Garrett Motion Inc. $GTX

Key Points

• Maverick Capital Ltd. increased its stake in Garrett Motion Inc. by 113.6%, owning 65,716 shares valued at $550,000 after acquiring an additional 34,944 shares in Q1.
• Garrett Motion announced a $0.06 quarterly dividend to be paid on September 16th, representing a 1.8% yield.
• Recent insider sales included Cyrus Capital Partners selling 500,000 shares for $6.64 million and Centerbridge Credit Partners selling 9 million shares for over $110 million.

Maverick Capital Ltd. grew its stake in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 113.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 65,716 shares of the company's stock after buying an additional 34,944 shares during the quarter. Maverick Capital Ltd.'s holdings in Garrett Motion were worth $550,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTX. Gates Capital Management Inc. bought a new stake in shares of Garrett Motion during the fourth quarter worth $40,068,000. New South Capital Management Inc. grew its stake in shares of 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 worth $34,855,000 after purchasing an additional 1,645,460 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of Garrett Motion in the first quarter worth $12,945,000. Frontier Capital Management Co. LLC bought a new stake in shares of Garrett Motion in the fourth quarter worth $13,147,000. Finally, Prevatt Capital Ltd grew its stake in shares of Garrett Motion by 18.2% in the fourth quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock worth $29,348,000 after purchasing an additional 500,000 shares during the last quarter. Institutional investors own 86.27% of the company's stock.

Garrett Motion Stock Performance

Shares of NYSE GTX traded down $0.10 during trading on Friday, hitting $13.08. 1,318,713 shares of the company traded hands, compared to its average volume of 2,108,955. The business's fifty day moving average is $12.34 and its 200 day moving average is $10.65. Garrett Motion Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $13.52. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 10.30 and a beta of 0.27.

Garrett Motion Dividend Announcement

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

Analysts Set New Price Targets

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

Insider Transactions at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $13.28, for a total value of $6,640,000.00. Following the sale, the insider owned 20,623,348 shares in the company, valued at $273,878,061.44. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the 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 completion of the sale, the insider owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This trade represents a 65.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,907,224 shares of company stock worth $157,275,679 in the last 90 days. 0.83% of the stock is currently owned by company insiders.

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.