Charles Schwab Investment Management Inc. Boosts Stock Holdings in Garrett Motion Inc. $GTX

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Garrett Motion Inc. by 2.8% during the first quarter, owning a total of 830,616 shares valued at approximately $6.95 million.
• Insiders sold a significant amount of stock recently, including 9 million shares by Centerbridge Credit Partners, reducing their position by 65.5%.
• Garrett Motion declared a quarterly dividend of $0.06 per share, with the dividend yield now at 1.8%, to be paid to investors on September 16th.

Charles Schwab Investment Management Inc. increased its stake in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 2.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 830,616 shares of the company's stock after purchasing an additional 22,666 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.41% of Garrett Motion worth $6,952,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GTX. Gates Capital Management Inc. acquired a new position in Garrett Motion in the 4th quarter valued at approximately $40,068,000. New South Capital Management Inc. increased its position in Garrett Motion by 65.3% in the 1st 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 period. Pacer Advisors Inc. acquired a new position in Garrett Motion in the 1st quarter valued at approximately $12,945,000. Frontier Capital Management Co. LLC acquired a new stake in shares of Garrett Motion during the fourth quarter worth $13,147,000. Finally, Prevatt Capital Ltd increased its position in shares of Garrett Motion by 18.2% during the fourth quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock worth $29,348,000 after buying an additional 500,000 shares during the period. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Garrett Motion Trading Down 0.5%

Shares of GTX traded down $0.06 on Friday, reaching $12.99. The company's stock had a trading volume of 2,038,665 shares, compared to its average volume of 2,106,279. The stock has a market capitalization of $2.62 billion, a PE ratio of 10.23 and a beta of 0.01. The firm has a fifty day moving average of $12.04 and a 200-day moving average of $10.52. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $13.52.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be 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 is Tuesday, September 2nd. Garrett Motion's dividend payout ratio (DPR) is presently 16.78%.

Insider Activity

In other Garrett Motion news, 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 sale, the insider 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 link. Also, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of Garrett Motion stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $13.28, for a total transaction of $6,640,000.00. Following the completion of the sale, the insider directly owned 20,623,348 shares in the company, valued at approximately $273,878,061.44. This represents a 2.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,907,224 shares of company stock worth $157,275,679. Insiders own 0.83% of the company's stock.

Garrett Motion 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.