Meritage Portfolio Management Makes New $2.18 Million Investment in Garrett Motion Inc. (NYSE:GTX)

Meritage Portfolio Management purchased a new stake in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 260,654 shares of the company's stock, valued at approximately $2,182,000. Meritage Portfolio Management owned 0.13% of Garrett Motion as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in shares of Garrett Motion by 1,154.5% during the 4th quarter. Bank of New York Mellon Corp now owns 296,477 shares of the company's stock valued at $2,677,000 after purchasing an additional 272,843 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Garrett Motion by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 807,950 shares of the company's stock valued at $7,296,000 after purchasing an additional 25,818 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Garrett Motion by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 1,235,531 shares of the company's stock worth $11,157,000 after buying an additional 9,681 shares in the last quarter. Arizona State Retirement System grew its position in Garrett Motion by 11.4% in the fourth quarter. Arizona State Retirement System now owns 25,362 shares of the company's stock worth $229,000 after buying an additional 2,586 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Garrett Motion in the fourth quarter valued at $326,000. 86.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reaffirmed a "buy" rating and set a $14.00 price objective on shares of Garrett Motion in a research note on Wednesday, June 25th.

Garrett Motion Stock Performance

Shares of NYSE GTX traded up $0.01 during mid-day trading on Friday, reaching $11.00. The company had a trading volume of 1,150,424 shares, compared to its average volume of 1,361,197. The stock has a fifty day moving average of $10.64 and a two-hundred day moving average of $9.63. Garrett Motion Inc. has a 12-month low of $7.02 and a 12-month high of $12.09. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 8.66 and a beta of 0.02.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.18%. The ex-dividend date was Monday, June 2nd. Garrett Motion's dividend payout ratio is currently 18.60%.

Insiders Place Their Bets

In related news, 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 sale, the insider owned 8,906,010 shares of the company's stock, valued at approximately $91,731,903. This trade represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,502,441 shares of the company's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $9.05, for a total value of $13,597,091.05. Following the completion of the transaction, the insider directly owned 25,834,957 shares in the company, valued at approximately $233,806,360.85. The trade was a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,055,832 shares of company stock worth $60,677,018 over the last ninety days. 0.83% of the stock is currently owned by company insiders.

Garrett Motion 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.