Garrett Motion Inc. $GTX Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its holdings in Garrett Motion Inc. by 3.8%, owning 1,198,536 shares after selling 46,820 shares in the first quarter, which is valued at approximately $10.03 million.
• The company announced a quarterly dividend of $0.06 per share, with a payout ratio of 16.78% and an annualized yield of 1.8%, set to be paid on September 16th.
• Garrett Motion has seen a significant increase in institutional ownership, with 86.27% of the stock now held by institutional investors and hedge funds.

Gabelli Funds LLC lessened its holdings in Garrett Motion Inc. (NYSE:GTX - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,198,536 shares of the company's stock after selling 46,820 shares during the period. Gabelli Funds LLC owned about 0.59% of Garrett Motion worth $10,032,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wells Fargo & Company MN increased its stake in Garrett Motion by 65.0% during the 4th quarter. Wells Fargo & Company MN now owns 60,811 shares of the company's stock worth $549,000 after buying an additional 23,947 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Garrett Motion by 14.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 49,325 shares of the company's stock worth $445,000 after buying an additional 6,141 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Garrett Motion during the 4th quarter worth approximately $326,000. Mariner LLC increased its stake in Garrett Motion by 35.6% during the 4th quarter. Mariner LLC now owns 19,434 shares of the company's stock worth $175,000 after buying an additional 5,107 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in Garrett Motion by 181.3% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 20,949 shares of the company's stock worth $189,000 after buying an additional 13,503 shares in the last quarter. Hedge funds and other institutional investors own 86.27% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $13.00, for a total value of $16,900,000.00. Following the transaction, the insider directly owned 21,128,348 shares in the company, valued at approximately $274,668,524. This represents a 5.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 shares were 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 in the company, valued at $58,166,781.63. This represents a 65.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,907,224 shares of company stock worth $157,275,679 over the last quarter. 0.83% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

GTX has been the subject of several research reports. BWS Financial reiterated 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 Exane began coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. Zacks Research cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. Finally, BNP Paribas began coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating on the stock. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Garrett Motion has an average rating of "Moderate Buy" and an average target price of $14.00.

Garrett Motion Stock Down 0.5%

Shares of Garrett Motion stock traded down $0.06 on Monday, hitting $12.99. 2,038,665 shares of the company were exchanged, compared to its average volume of 2,106,279. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 10.23 and a beta of 0.01. The company has a 50-day moving average price of $12.04 and a 200 day moving average price of $10.53. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.52.

Garrett Motion Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Tuesday, September 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 1.8%. Garrett Motion's dividend payout ratio is currently 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.