Millennium Management LLC Reduces Stake in Garrett Motion Inc. (NYSE:GTX)

Millennium Management LLC cut its holdings in Garrett Motion Inc. (NYSE:GTX - Free Report) by 23.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 806,277 shares of the company's stock after selling 250,174 shares during the quarter. Millennium Management LLC owned approximately 0.38% of Garrett Motion worth $7,281,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Quarry LP boosted its stake in Garrett Motion by 180.3% in the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock valued at $70,000 after buying an additional 4,988 shares in the last quarter. Deutsche Bank AG boosted its stake 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 valued at $74,000 after purchasing an additional 5,329 shares in the last quarter. Savant Capital LLC acquired a new stake in shares of Garrett Motion during the fourth quarter valued at about $96,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Garrett Motion during the fourth quarter valued at about $133,000. Finally, Pacific Global Investment Management Co. acquired a new stake in shares of Garrett Motion during the fourth quarter valued at about $150,000. 86.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, major shareholder Special Credit Pa Centerbridge sold 500,000 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $9.45, for a total transaction of $4,725,000.00. Following the sale, the insider now directly owns 9,949,894 shares in the company, valued at approximately $94,026,498.30. The trade was a 4.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the business's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total value of $1,350,000.00. Following the sale, the insider now owns 25,434,957 shares in the company, valued at approximately $228,914,613. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,176,792 shares of company stock valued at $29,788,577. Insiders own 0.83% of the company's stock.

Garrett Motion Stock Performance

Garrett Motion stock traded down $0.42 during mid-day trading on Wednesday, reaching $10.86. The stock had a trading volume of 4,375,651 shares, compared to its average volume of 1,139,117. Garrett Motion Inc. has a fifty-two week low of $7.02 and a fifty-two week high of $12.09. The stock's 50-day simple moving average is $9.73 and its 200-day simple moving average is $9.30. The firm has a market capitalization of $2.20 billion, a PE ratio of 8.55 and a beta of -0.05.

Garrett Motion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.06 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.24 annualized dividend and a yield of 2.21%. Garrett Motion's dividend payout ratio is currently 18.60%.

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.