Bank of America Corp DE Sells 36,888 Shares of Garrett Motion Inc. (NYSE:GTX)

Bank of America Corp DE lessened its holdings in Garrett Motion Inc. (NYSE:GTX - Free Report) by 22.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 127,534 shares of the company's stock after selling 36,888 shares during the period. Bank of America Corp DE owned about 0.06% of Garrett Motion worth $1,152,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GTX. Eubel Brady & Suttman Asset Management Inc. acquired a new position in shares of Garrett Motion in the 4th quarter valued at about $15,442,000. Royce & Associates LP grew its position in Garrett Motion by 25.6% during the fourth quarter. Royce & Associates LP now owns 2,072,173 shares of the company's stock valued at $18,712,000 after purchasing an additional 422,955 shares in the last quarter. Marshall Wace LLP acquired a new position in Garrett Motion in the 4th quarter valued at approximately $3,565,000. Four Tree Island Advisory LLC purchased a new stake in Garrett Motion in the 4th quarter worth approximately $3,060,000. Finally, Dimensional Fund Advisors LP boosted 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 buying an additional 278,107 shares during the period. Institutional investors and hedge funds own 86.27% of the company's stock.

Garrett Motion Stock Up 1.0%

Shares of GTX traded up $0.10 during midday trading on Tuesday, reaching $10.33. 1,851,240 shares of the stock were exchanged, compared to its average volume of 1,202,364. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 8.13 and a beta of 0.02. Garrett Motion Inc. has a 12-month low of $7.02 and a 12-month high of $12.09. The firm has a 50 day simple moving average of $10.08 and a 200-day simple moving average of $9.46.

Garrett Motion Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.32%. Garrett Motion's dividend payout ratio is currently 18.60%.

Insider Activity at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the company's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the insider now directly owns 25,434,957 shares of the company's stock, valued at approximately $228,914,613. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $10.30, for a total transaction of $30,900,000.00. Following the completion of the transaction, the insider now owns 8,906,010 shares in the company, valued at $91,731,903. This trade represents a 25.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,807,441 shares of company stock valued at $47,590,841. Insiders own 0.83% of the company's stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial upped their price target on shares of Garrett Motion from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd.

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.