SG Americas Securities LLC Acquires New Stake in Garrett Motion Inc. (NYSE:GTX)

SG Americas Securities LLC bought a new position in Garrett Motion Inc. (NYSE:GTX - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 45,511 shares of the company's stock, valued at approximately $381,000.

A number of other hedge funds also recently made changes to their positions in GTX. Gates Capital Management Inc. purchased a new position in Garrett Motion during the 4th quarter valued at approximately $40,068,000. Frontier Capital Management Co. LLC bought a new position in shares of Garrett Motion during the 4th quarter valued at approximately $13,147,000. Prevatt Capital Ltd grew its holdings in shares of Garrett Motion by 18.2% in the fourth quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock valued at $29,348,000 after purchasing an additional 500,000 shares in the last quarter. Royce & Associates LP grew its holdings in shares of Garrett Motion by 25.6% in the fourth quarter. Royce & Associates LP now owns 2,072,173 shares of the company's stock valued at $18,712,000 after purchasing an additional 422,955 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Garrett Motion in the fourth quarter worth $3,565,000. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Cyrus Capital Partners, L.P. sold 155,000 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $11.25, for a total value of $1,743,750.00. Following the completion of the sale, the insider now owns 25,151,724 shares in the company, valued at approximately $282,956,895. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion 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 transaction, the insider now directly owns 8,906,010 shares of the company's stock, valued at approximately $91,731,903. This represents a 25.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,807,441 shares of company stock valued at $47,590,841. 0.83% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, BWS Financial reiterated a "buy" rating and set a $14.00 price objective on shares of Garrett Motion in a research report on Wednesday.

Garrett Motion Price Performance

Shares of NYSE GTX traded up $0.21 during mid-day trading on Friday, hitting $10.50. 24,616,518 shares of the company's stock traded hands, compared to its average volume of 1,337,345. Garrett Motion Inc. has a 1 year low of $7.02 and a 1 year high of $12.09. The company's 50-day moving average is $10.51 and its two-hundred day moving average is $9.59. The company has a market capitalization of $2.13 billion, a P/E ratio of 8.27 and a beta of 0.02.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Monday, June 2nd. Garrett Motion's dividend payout ratio is currently 18.60%.

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.