Apis Capital Advisors LLC Sells 40,000 Shares of Garrett Motion Inc. $GTX

Key Points

• Apis Capital Advisors LLC reduced its holdings in Garrett Motion Inc. by 16.7%, selling 40,000 shares to own 200,000 shares post-sale, valued at approximately $1.67 million.
• Insider Centerbridge Credit Partners M sold 9 million shares for $110.43 million, representing a 65.5% decrease in their position, while major shareholder Cyrus Capital Partners sold 1.3 million shares for $16.9 million.
• Garrett Motion recently declared a quarterly dividend of $0.06 per share, with a 1.8% yield and a payout ratio of 16.78%, set to be paid on September 16th.

Apis Capital Advisors LLC decreased its stake in Garrett Motion Inc. (NYSE:GTX - Free Report) by 16.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 200,000 shares of the company's stock after selling 40,000 shares during the quarter. Apis Capital Advisors LLC owned 0.10% of Garrett Motion worth $1,674,000 as of its most recent filing with the Securities and Exchange Commission.

Several other 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 fourth quarter valued at about $40,068,000. New South Capital Management Inc. raised its position in shares of Garrett Motion by 65.3% during 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 period. Pacer Advisors Inc. acquired a new stake in shares of Garrett Motion during the first quarter worth about $12,945,000. Frontier Capital Management Co. LLC acquired a new stake in shares of Garrett Motion during the fourth quarter worth about $13,147,000. Finally, Prevatt Capital Ltd raised 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 purchasing an additional 500,000 shares during the period. Institutional investors and hedge funds own 86.27% of the company's stock.

Wall Street Analysts Forecast Growth

GTX has been the subject of a number of research reports. BNP Paribas Exane initiated coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. BNP Paribas started coverage on Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating for the company. Zacks Research downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. Finally, BWS Financial reissued a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a report on Wednesday, June 25th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Garrett Motion presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

Insiders Place Their Bets

In other news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the business's stock in a transaction 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 transaction, the insider owned 21,128,348 shares of the company's stock, valued at approximately $274,668,524. The trade was a 5.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was 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 in the company, valued at $58,166,781.63. This represents a 65.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,907,224 shares of company stock valued at $157,275,679 in the last three months. 0.83% of the stock is owned by insiders.

Garrett Motion Stock Performance

Shares of Garrett Motion stock traded down $0.16 during trading on Friday, reaching $13.03. 619,804 shares of the company's stock were exchanged, compared to its average volume of 2,104,594. 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 $2.63 billion, a P/E ratio of 10.26 and a beta of 0.27. The firm's 50-day moving average price is $12.29 and its 200 day moving average price is $10.62.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.06 per share. 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 16.78%.

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.