Garrett Motion Inc. $GTX Stock Holdings Lessened by Comerica Bank

Key Points

• Comerica Bank has reduced its stake in Garrett Motion Inc. by 21.3%, now owning approximately 0.07% of the company, valued at $1.145 million.
• Insider sales included 9 million shares sold by Centerbridge Credit Partners for $110.43 million, representing a 65.5% ownership decrease in the company.
• The company announced a quarterly dividend of $0.06 per share, with a dividend yield of 1.8%, scheduled to be paid on September 16th.

Comerica Bank lowered its stake in Garrett Motion Inc. (NYSE:GTX - Free Report) by 21.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 136,850 shares of the company's stock after selling 36,929 shares during the period. Comerica Bank owned approximately 0.07% of Garrett Motion worth $1,145,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Global Endowment Management LP bought a new position in shares of Garrett Motion in the first quarter valued at $320,000. Virtu Financial LLC bought a new position in shares of Garrett Motion in the first quarter valued at $94,000. Invesco Ltd. increased its holdings in shares of Garrett Motion by 138.0% in the first quarter. Invesco Ltd. now owns 162,991 shares of the company's stock valued at $1,364,000 after buying an additional 94,501 shares in the last quarter. Deutsche Bank AG raised its stake in Garrett Motion by 14.4% during the 1st quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock valued at $79,000 after purchasing an additional 1,181 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Garrett Motion by 2.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 830,616 shares of the company's stock valued at $6,952,000 after purchasing an additional 22,666 shares during the period. Institutional investors own 86.27% of the company's stock.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company'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 transaction, the insider directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the company'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 directly owned 21,128,348 shares in the company, valued at $274,668,524. This trade represents a 5.80% 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 ninety days. 0.83% of the stock is currently owned by company insiders.

Garrett Motion Trading Up 1.6%

NYSE GTX opened at $13.18 on Friday. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.52. The company has a market capitalization of $2.66 billion, a PE ratio of 10.38 and a beta of 0.27. The firm's fifty day simple moving average is $12.29 and its 200-day simple moving average is $10.62.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a $0.06 dividend. 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 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.

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