Goldman Sachs Group Inc. Sells 58,604 Shares of Garrett Motion Inc. $GTX

Key Points

• Goldman Sachs Group Inc. reduced its stake in Garrett Motion Inc. by 15.1% during the first quarter, selling 58,604 shares to own approximately 330,714 shares valued at $2,768,000.
• Garrett Motion recently announced a quarterly dividend of $0.06 per share, representing a 1.8% yield and an annualized payout of $0.24.
• Insider trading activity has been notable, with major shareholders selling over 13.5 million shares of Garrett Motion stock in recent months, highlighting significant movement in insider ownership.

Goldman Sachs Group Inc. lowered its stake in Garrett Motion Inc. (NYSE:GTX - Free Report) by 15.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 330,714 shares of the company's stock after selling 58,604 shares during the period. Goldman Sachs Group Inc. owned 0.16% of Garrett Motion worth $2,768,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GTX. Gates Capital Management Inc. boosted its holdings in Garrett Motion by 53.1% in the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company's stock valued at $56,879,000 after acquiring an additional 2,358,294 shares in the last quarter. New South Capital Management Inc. boosted its holdings in Garrett Motion by 65.3% in the first quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock valued at $34,855,000 after acquiring an additional 1,645,460 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Garrett Motion during the first quarter valued at $12,945,000. Janney Montgomery Scott LLC purchased a new position in Garrett Motion during the first quarter valued at $2,722,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Garrett Motion during the first quarter valued at $2,206,000. Institutional investors own 86.27% of the company's stock.

Insider Activity

In other news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $13.00, for a total value of $16,900,000.00. Following the completion of the transaction, the insider owned 21,128,348 shares of the company's stock, valued at $274,668,524. The trade was a 5.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion 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 completion of the sale, the insider owned 4,740,569 shares of the company's stock, valued at $58,166,781.63. The trade was a 65.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,520,627 shares of company stock valued at $165,408,993. 0.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on GTX. BNP Paribas began coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating for the company. BNP Paribas Exane began coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. BWS Financial reissued a "buy" rating and set a $14.00 price objective on shares of Garrett Motion in a research report on Wednesday, June 25th. Stifel Nicolaus began coverage on Garrett Motion in a research report on Friday. They set a "buy" rating and a $17.50 price objective for the company. Finally, Zacks Research lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $15.17.

Garrett Motion Stock Performance

Shares of GTX traded up $0.18 during trading hours on Tuesday, hitting $13.74. The company had a trading volume of 402,908 shares, compared to its average volume of 2,215,924. The firm has a fifty day moving average price of $12.82 and a 200-day moving average price of $10.94. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 10.82 and a beta of 0.27. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $13.91.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Tuesday, September 2nd. Garrett Motion's payout ratio 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.