Ritholtz Wealth Management Purchases 103,449 Shares of Garrett Motion Inc. $GTX

Key Points

• Ritholtz Wealth Management increased its stake in Garrett Motion Inc. by 158.1% in the second quarter, acquiring an additional 103,449 shares, bringing its total ownership to approximately $1.775 million.
• Several hedge funds have also significantly increased their holdings in Garrett Motion, with Assenagon Asset Management boosting its position by 574% during the second quarter.
• Garrett Motion recently declared a quarterly dividend of $0.06 per share, reflecting an annualized yield of 1.9% with a payout ratio of 16.78%.

Ritholtz Wealth Management grew its position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 158.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 168,896 shares of the company's stock after buying an additional 103,449 shares during the quarter. Ritholtz Wealth Management owned approximately 0.08% of Garrett Motion worth $1,775,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of GTX. Gates Capital Management Inc. increased its holdings in shares of Garrett Motion by 53.1% during the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company's stock worth $56,879,000 after buying an additional 2,358,294 shares in the last quarter. New South Capital Management Inc. increased its holdings in shares of Garrett Motion by 65.3% during the first quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock worth $34,855,000 after buying an additional 1,645,460 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Garrett Motion during the first quarter worth approximately $12,945,000. Assenagon Asset Management S.A. increased its holdings in shares of Garrett Motion by 574.0% during the second quarter. Assenagon Asset Management S.A. now owns 534,744 shares of the company's stock worth $5,620,000 after buying an additional 455,411 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Garrett Motion during the first quarter worth approximately $2,722,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Insider Activity at Garrett Motion

In other news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of Garrett Motion stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.28, for a total transaction of $4,655,516.48. Following the completion of the sale, the insider owned 20,009,945 shares in the company, valued at $265,732,069.60. The trade was a 1.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $12.27, for a total transaction of $110,430,000.00. Following the sale, the insider owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,744,417 shares of company stock valued at $146,358,179. 0.83% of the stock is owned by corporate insiders.

Garrett Motion Price Performance

Shares of NYSE:GTX opened at $12.82 on Friday. Garrett Motion Inc. has a one year low of $7.01 and a one year high of $14.02. The company has a 50 day moving average of $13.16 and a 200-day moving average of $11.47. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 10.09 and a beta of 0.37.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.06 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.9%. Garrett Motion's payout ratio is currently 16.78%.

Wall Street Analyst Weigh In

GTX has been the subject of several recent analyst reports. BNP Paribas Exane started coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. Zacks Research raised shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 1st. BWS Financial boosted their target price on shares of Garrett Motion from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Stifel Nicolaus started coverage on shares of Garrett Motion in a research note on Friday, September 19th. They issued a "buy" rating and a $17.50 target price for the company. Finally, 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. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $16.50.

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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