Invesco Ltd. Purchases 94,501 Shares of Garrett Motion Inc. $GTX

Invesco Ltd. boosted its holdings in Garrett Motion Inc. (NYSE:GTX - Free Report) by 138.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,991 shares of the company's stock after purchasing an additional 94,501 shares during the period. Invesco Ltd. owned about 0.08% of Garrett Motion worth $1,364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Gates Capital Management Inc. bought a new position in Garrett Motion in the fourth quarter valued at $40,068,000. 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 purchasing an additional 1,645,460 shares in the last quarter. Prevatt Capital Ltd grew its position in Garrett Motion by 18.2% in the fourth quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock valued at $29,348,000 after purchasing an additional 500,000 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Garrett Motion by 10.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,866,826 shares of the company's stock valued at $25,886,000 after purchasing an additional 278,107 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Garrett Motion by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company's stock valued at $19,285,000 after purchasing an additional 62,844 shares in the last quarter. Institutional investors own 86.27% of the company's stock.

Garrett Motion Price Performance

GTX stock traded down $0.10 during midday trading on Friday, reaching $13.08. 1,318,713 shares of the company were exchanged, compared to its average volume of 2,108,955. The business has a 50-day moving average price of $12.34 and a two-hundred day moving average price of $10.65. Garrett Motion Inc. has a one year low of $7.01 and a one year 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders 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 yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's payout ratio is 16.78%.

Wall Street Analyst Weigh In

GTX has been the topic of several analyst reports. BNP Paribas initiated coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating on the stock. BNP Paribas Exane initiated 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. 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, Zacks Research downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $14.00.

Insiders Place Their Bets

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion 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 completion of the sale, the insider directly owned 21,128,348 shares of the company's stock, valued at approximately $274,668,524. This trade represents a 5.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction on 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 sale, the insider owned 4,740,569 shares of the company's stock, valued at $58,166,781.63. This trade represents a 65.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,907,224 shares of company stock valued at $157,275,679. Company insiders own 0.83% of the company's stock.

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.