Royce & Associates LP Sells 143,490 Shares of Garrett Motion Inc. (NYSE:GTX)

Key Points

• Royce & Associates LP has reduced its position in Garrett Motion Inc. (NYSE: GTX) by 6.9%, selling 143,490 shares and now holding approximately 1.93 million shares worth $16.14 million.
• Insider transactions reveal that major shareholder Cyrus Capital Partners sold over 1.19 million shares for approximately $12.52 million, decreasing their ownership by 4.80%.
• Garrett Motion has announced a quarterly dividend of $0.06 per share to be paid on September 16, representing an annual yield of 1.85%.

Royce & Associates LP lessened its stake in Garrett Motion Inc. (NYSE:GTX - Free Report) by 6.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,928,683 shares of the company's stock after selling 143,490 shares during the quarter. Royce & Associates LP owned approximately 0.95% of Garrett Motion worth $16,143,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of GTX. Raymond James Financial Inc. purchased a new stake in Garrett Motion during the fourth quarter valued at $326,000. HighTower Advisors LLC raised its stake in 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. Swiss National Bank raised its stake in Garrett Motion by 11.3% during the fourth quarter. Swiss National Bank now owns 172,000 shares of the company's stock valued at $1,553,000 after purchasing an additional 17,500 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Garrett Motion by 1,952.2% during the fourth quarter. Teacher Retirement System of Texas now owns 280,965 shares of the company's stock valued at $2,537,000 after purchasing an additional 267,274 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in Garrett Motion during the fourth quarter valued at $133,000. Hedge funds and other institutional investors own 86.27% of the company's stock.

Garrett Motion Price Performance

Shares of GTX traded up $0.35 during midday trading on Monday, hitting $13.29. The stock had a trading volume of 734,096 shares, compared to its average volume of 1,853,509. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $13.27. The firm has a market cap of $2.69 billion, a PE ratio of 10.47 and a beta of 0.01. The stock's 50 day moving average is $10.86 and its 200 day moving average is $9.92.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's payout ratio is presently 16.78%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GTX shares. BNP Paribas Exane started coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target on the stock. BWS Financial reissued a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a research note on Wednesday, June 25th. Finally, BNP Paribas started coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating on the stock.

Insider Transactions at Garrett Motion

In other news, major shareholder Cyrus Capital Partners, L.P. sold 1,196,526 shares of the company's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $10.46, for a total value of $12,515,661.96. Following the transaction, the insider directly owned 23,705,198 shares in the company, valued at approximately $247,956,371.08. This represents a 4.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the company's stock in a transaction dated 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 transaction, the insider owned 8,906,010 shares in the company, valued at approximately $91,731,903. The trade was a 25.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,990,082 shares of company stock worth $52,389,252. Company insiders own 0.83% of the company's stock.

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.