State of Wyoming Decreases Stake in Garrett Motion Inc. $GTX

Key Points

• The State of Wyoming has reduced its stake in Garrett Motion Inc. by 51.6% during the 1st quarter, with current holdings valued at $300,000.
• Several institutional investors, including Janney Montgomery Scott LLC and Pacer Advisors Inc., have made significant acquisitions in Garrett Motion during the same quarter, contributing to a total institutional ownership of 86.27%.
• Garrett Motion recently declared a quarterly dividend of $0.06 per share, equating to an annual yield of 1.8%, set to be paid to shareholders on September 16th.

State of Wyoming cut its holdings in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 51.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,787 shares of the company's stock after selling 38,181 shares during the period. State of Wyoming's holdings in Garrett Motion were worth $300,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vestcor Inc acquired a new position in Garrett Motion during the 1st quarter valued at about $61,000. Deutsche Bank AG grew its stake in shares of Garrett Motion by 185.5% during the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock worth $74,000 after acquiring an additional 5,329 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Garrett Motion during the first quarter valued at about $94,000. Mariner LLC increased its holdings 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 acquiring an additional 5,107 shares in the last quarter. Finally, Pacific Global Investment Management Co. raised its position in shares of Garrett Motion by 41.6% in the 1st quarter. Pacific Global Investment Management Co. now owns 23,568 shares of the company's stock valued at $197,000 after purchasing an additional 6,928 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company's stock.

Insider Buying and Selling at Garrett Motion

In other news, insider Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion stock in a transaction 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 transaction, the insider owned 4,740,569 shares in the company, valued at $58,166,781.63. The trade was a 65.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $13.00, for a total transaction of $16,900,000.00. Following the completion of the sale, the insider owned 21,128,348 shares in the company, valued at approximately $274,668,524. This trade represents a 5.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,907,224 shares of company stock worth $157,275,679. Insiders own 0.83% of the company's stock.

Garrett Motion Stock Up 0.3%

Shares of NYSE:GTX traded up $0.04 during trading on Monday, hitting $13.12. 267,087 shares of the stock traded hands, compared to its average volume of 2,097,700. The company has a fifty day moving average price of $12.34 and a two-hundred day moving average price of $10.66. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $13.52. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 10.32 and a beta of 0.27.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's payout ratio is 16.78%.

Wall Street Analyst Weigh In

GTX has been the topic of several research analyst reports. BNP Paribas initiated coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating on the stock. BWS Financial reissued a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a research report on Wednesday, June 25th. Zacks Research lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. Finally, BNP Paribas Exane started coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target on the stock. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $14.00.

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.