Garrett Motion Inc. $GTX is Centerbridge Partners L.P.'s Largest Position

Key Points

• Centerbridge Partners L.P. has reduced its stake in Garrett Motion Inc. by 6.0%, now holding approximately 33.1 million shares, which constitutes 53.1% of its portfolio.
• Garrett Motion's quarterly dividend of $0.06 per share is set to be paid on September 16th, representing an annualized yield of 1.9% with a payout ratio of 16.78%.
• Analysts are optimistic about Garrett Motion, with a consensus rating of "Moderate Buy" and an average target price of $14.00, following positive assessments from several research firms.

Centerbridge Partners L.P. trimmed its position in Garrett Motion Inc. (NYSE:GTX - Free Report) by 6.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,146,809 shares of the company's stock after selling 2,109,586 shares during the period. Garrett Motion comprises about 53.1% of Centerbridge Partners L.P.'s investment portfolio, making the stock its largest position. Centerbridge Partners L.P. owned about 16.36% of Garrett Motion worth $277,439,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gates Capital Management Inc. lifted its holdings in Garrett Motion by 53.1% in the 1st quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company's stock valued at $56,879,000 after purchasing an additional 2,358,294 shares in the last quarter. New South Capital Management Inc. lifted its holdings 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 purchasing an additional 1,645,460 shares in the last quarter. Prevatt Capital Ltd lifted its holdings in Garrett Motion by 18.2% in the 4th 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 increased its stake in shares of Garrett Motion by 10.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,866,826 shares of the company's stock valued at $25,886,000 after acquiring an additional 278,107 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Garrett Motion by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company's stock valued at $19,285,000 after acquiring an additional 62,844 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GTX has been the subject of a number of research analyst reports. BWS Financial reaffirmed a "buy" rating and set a $14.00 price objective on shares of Garrett Motion in a research note on Wednesday, June 25th. BNP Paribas initiated coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating for the company. Zacks Research downgraded shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. Finally, BNP Paribas Exane initiated coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. 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.

Insider Buying and Selling

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $13.28, for a total value of $6,640,000.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,907,224 shares of company stock valued at $157,275,679. Corporate insiders own 0.83% of the company's stock.

Garrett Motion Stock Performance

GTX traded up $0.13 on Monday, reaching $13.21. 2,233,637 shares of the company's stock were exchanged, compared to its average volume of 2,109,696. The company's 50 day moving average is $12.34 and its 200-day moving average is $10.66. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 10.40 and a beta of 0.27. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $13.52.

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 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 dividend payout ratio is 16.78%.

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.