Global Endowment Management LP Invests $320,000 in Garrett Motion Inc. (NYSE:GTX)

Key Points

• Global Endowment Management LP has invested approximately $320,000 in Garrett Motion Inc., acquiring 38,247 shares of the company's stock during Q1.
• Insider sales amounted to over $164 million in the last three months, with significant transactions from major shareholders, indicating notable shifts in ownership.
• Garrett Motion recently declared a $0.06 quarterly dividend with a yield of 1.9%, reinforcing its commitment to returning value to shareholders.

Global Endowment Management LP bought a new position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 38,247 shares of the company's stock, valued at approximately $320,000.

Other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC purchased a new stake in shares of Garrett Motion during the 1st quarter worth about $2,722,000. SG Americas Securities LLC purchased a new stake in shares of Garrett Motion during the 1st quarter worth about $381,000. Victory Capital Management Inc. grew its holdings in shares of Garrett Motion by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company's stock worth $10,802,000 after purchasing an additional 54,978 shares during the period. Pacer Advisors Inc. purchased a new stake in shares of Garrett Motion during the 1st quarter worth about $12,945,000. Finally, Northern Trust Corp grew its holdings in shares of Garrett Motion by 18.6% during the 4th quarter. Northern Trust Corp now owns 369,976 shares of the company's stock worth $3,341,000 after purchasing an additional 58,045 shares during the period. Hedge funds and other institutional investors own 86.27% of the company's stock.

Insider Activity at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,196,526 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $10.46, for a total transaction of $12,515,661.96. Following the transaction, the insider directly owned 23,705,198 shares of the company's stock, valued at approximately $247,956,371.08. The trade was a 4.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,102,224 shares of company stock worth $164,569,429 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. BNP Paribas Exane assumed coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 target price for the company. BWS Financial reissued 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 assumed coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating on the stock.

Garrett Motion Stock Performance

Garrett Motion stock opened at $12.85 on Friday. The stock's 50 day moving average price is $11.47 and its 200 day moving average price is $10.26. The firm has a market capitalization of $2.59 billion, a PE ratio of 10.12 and a beta of 0.01. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $13.32.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.24 annualized dividend and a yield of 1.9%. Garrett Motion's payout ratio is 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.

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