New Vernon Capital Holdings II LLC Invests $1.62 Million in Garrett Motion Inc. $GTX

Key Points

• New Vernon Capital Holdings II LLC has acquired 194,000 shares of Garrett Motion Inc., valued at approximately $1.6 million, representing about 0.10% of the company's total shares by the end of the last quarter.
• Garrett Motion's stock saw a 1.6% increase recently, trading at $13.18, with a 12-month range between $7.01 and $13.52.
• The company announced a quarterly dividend of $0.06 per share, translating to an annualized yield of 1.8%, with shares set to be paid on September 16th.

New Vernon Capital Holdings II LLC acquired a new stake in Garrett Motion Inc. (NYSE:GTX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 194,000 shares of the company's stock, valued at approximately $1,624,000. New Vernon Capital Holdings II LLC owned 0.10% of Garrett Motion at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of GTX. Raymond James Financial Inc. acquired a new stake in shares of Garrett Motion during the 4th quarter worth about $326,000. Mariner LLC lifted its stake in shares of Garrett Motion by 35.6% during the 4th quarter. Mariner LLC now owns 19,434 shares of the company's stock worth $175,000 after buying an additional 5,107 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of Garrett Motion by 21.2% during the 4th quarter. Stifel Financial Corp now owns 79,485 shares of the company's stock worth $718,000 after buying an additional 13,916 shares during the last quarter. Northern Trust Corp lifted its stake 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 buying an additional 58,045 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of Garrett Motion by 10,164.6% during the 4th quarter. Comerica Bank now owns 173,779 shares of the company's stock worth $1,569,000 after buying an additional 172,086 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. BWS Financial restated a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research note on Wednesday, June 25th. Zacks Research cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. BNP Paribas started coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating for the company. Finally, BNP Paribas Exane started coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 price objective for the company. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Garrett Motion presently has a consensus rating of "Moderate Buy" and an average target price of $14.00.

Insider Activity at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $13.28, for a total value of $6,640,000.00. Following the sale, the insider owned 20,623,348 shares of the company's stock, valued at $273,878,061.44. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were 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. Insiders have sold a total of 12,907,224 shares of company stock worth $157,275,679 over the last ninety days. 0.60% of the stock is currently owned by insiders.

Garrett Motion Stock Performance

Shares of Garrett Motion stock traded down $0.03 during midday trading on Wednesday, hitting $13.22. 1,176,011 shares of the company traded hands, compared to its average volume of 2,102,906. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 10.41 and a beta of 0.27. The firm's fifty day moving average price is $12.44 and its 200-day moving average price is $10.70. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $13.52.

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 issued 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 dividend yield of 1.8%. Garrett Motion's payout ratio is 16.78%.

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.