Pekin Hardy Strauss Inc. Sells 32,500 Shares of Garrett Motion Inc. (NYSE:GTX)

Pekin Hardy Strauss Inc. reduced its holdings in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 21.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,450 shares of the company's stock after selling 32,500 shares during the quarter. Pekin Hardy Strauss Inc. owned 0.06% of Garrett Motion worth $1,000,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in GTX. Arizona State Retirement System lifted its position in shares of Garrett Motion by 11.4% during the fourth quarter. Arizona State Retirement System now owns 25,362 shares of the company's stock valued at $229,000 after purchasing an additional 2,586 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Garrett Motion by 5.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 72,919 shares of the company's stock valued at $653,000 after purchasing an additional 3,774 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Garrett Motion by 14.3% during the fourth quarter. HighTower Advisors LLC now owns 31,101 shares of the company's stock valued at $281,000 after purchasing an additional 3,880 shares in the last quarter. Quarry LP lifted its position in shares of Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock valued at $70,000 after purchasing an additional 4,988 shares in the last quarter. Finally, Mariner LLC lifted its position in shares of Garrett Motion by 35.6% during the fourth quarter. Mariner LLC now owns 19,434 shares of the company's stock valued at $175,000 after purchasing an additional 5,107 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Garrett Motion news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $10.30, for a total value of $30,900,000.00. Following the sale, the insider owned 8,906,010 shares of the company's stock, valued at approximately $91,731,903. The trade was a 25.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,896 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $11.50, for a total transaction of $1,735,304.00. Following the completion of the sale, the insider directly owned 22,982,790 shares in the company, valued at approximately $264,302,085. This trade represents a 0.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,506,728 shares of company stock worth $65,742,322. Insiders own 0.83% of the company's stock.

Garrett Motion Stock Performance

GTX stock traded down $0.21 during mid-day trading on Friday, hitting $11.28. The company had a trading volume of 1,325,773 shares, compared to its average volume of 1,387,523. The firm has a market cap of $2.29 billion, a PE ratio of 8.88 and a beta of 0.01. Garrett Motion Inc. has a 12 month low of $7.02 and a 12 month high of $12.09. The stock's fifty day moving average price is $10.83 and its two-hundred day moving average price is $9.72.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Monday, June 2nd. Garrett Motion's dividend payout ratio is 18.60%.

Analyst Ratings Changes

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

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.