Garrett Motion Inc. $GTX Stock Position Trimmed by GABELLI & Co INVESTMENT ADVISERS INC.

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

A number of other institutional investors have also modified their holdings of the stock. Vestcor Inc bought a new position in shares of Garrett Motion during the first quarter worth about $61,000. Quarry LP lifted its position in shares of Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock worth $70,000 after purchasing an additional 4,988 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Garrett Motion by 185.5% during the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock worth $74,000 after purchasing an additional 5,329 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Garrett Motion during the first quarter worth about $94,000. Finally, Mariner LLC lifted its position in shares of Garrett Motion by 35.6% during the fourth quarter. Mariner LLC now owns 19,434 shares of the company's stock worth $175,000 after purchasing an additional 5,107 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company's stock.

Analysts Set New Price Targets

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

Insider Activity

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion stock in a transaction dated 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 sale, the insider directly owned 4,740,569 shares in the company, valued at $58,166,781.63. This trade represents a 65.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of Garrett Motion stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $13.28, for a total transaction of $6,640,000.00. Following the completion of the sale, the insider owned 20,623,348 shares in the company, valued at approximately $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. Over the last quarter, insiders sold 12,907,224 shares of company stock worth $157,275,679. 0.83% of the stock is currently owned by insiders.

Garrett Motion Stock Performance

Shares of NYSE GTX traded down $0.06 during midday trading on Friday, hitting $12.99. The company's stock had a trading volume of 2,038,665 shares, compared to its average volume of 2,106,279. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.52. The firm's fifty day moving average price is $12.04 and its 200-day moving average price is $10.52. The firm has a market cap of $2.62 billion, a P/E ratio of 10.23 and a beta of 0.01.

Garrett Motion Announces Dividend

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