GABELLI & Co INVESTMENT ADVISERS INC. Reduces Stake in Garrett Motion Inc. $GTX

Key Points

• GABELLI & Co INVESTMENT ADVISERS INC. has reduced its stake in Garrett Motion Inc. by 20.9%, now owning approximately 0.08% of the company valued at $1.3 million.
• Insider activity has seen significant sales, including Cyrus Capital Partners selling 5,000 shares and Centerbridge Credit Partners selling 9 million shares, with total insider sales reaching over 15 million shares in the last 90 days.
• BWS Financial and BNP Paribas have given Garrett Motion a consensus rating of "Buy", with a target price of $14.00.

GABELLI & Co INVESTMENT ADVISERS INC. trimmed its position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 20.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,432 shares of the company's stock after selling 40,968 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC. owned 0.08% of Garrett Motion worth $1,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vestcor Inc bought a new position in shares of Garrett Motion during the 1st quarter valued at $61,000. Quarry LP lifted its holdings in shares of Garrett Motion by 180.3% during the 4th quarter. Quarry LP now owns 7,755 shares of the company's stock valued at $70,000 after buying an additional 4,988 shares during the period. Deutsche Bank AG lifted its holdings in shares of Garrett Motion by 185.5% during the 4th quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock valued at $74,000 after buying an additional 5,329 shares during the period. Virtu Financial LLC bought a new position in shares of Garrett Motion during the 1st quarter valued at $94,000. Finally, Mariner LLC lifted its holdings in shares of Garrett Motion by 35.6% during the 4th quarter. Mariner LLC now owns 19,434 shares of the company's stock valued at $175,000 after buying an additional 5,107 shares during the period. 86.27% of the stock is owned by institutional investors.

Garrett Motion Price Performance

Shares of GTX stock traded down $0.12 during trading hours on Thursday, hitting $13.05. The stock had a trading volume of 1,848,091 shares, compared to its average volume of 2,106,691. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 10.28 and a beta of 0.01. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $13.52. The stock's 50-day moving average price is $11.98 and its two-hundred day moving average price is $10.48.

Garrett Motion Dividend Announcement

The company 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 $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's payout ratio is currently 16.78%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GTX shares. 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 target on the stock. BNP Paribas initiated coverage on Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating for the company. Zacks Research lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday. Finally, BWS Financial reiterated a "buy" rating and issued a $14.00 price target on shares of Garrett Motion in a research note on Wednesday, June 25th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Insider Transactions at Garrett Motion

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction dated 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 directly owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. The trade was a 65.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the business's stock in a transaction dated 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 sale, the insider owned 20,623,348 shares in the company, valued at $273,878,061.44. This represents a 2.37% 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 owned by company insiders.

Garrett Motion Company 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.