Vanguard Group Inc. Grows Stock Holdings in Garrett Motion Inc. $GTX

Key Points

• Vanguard Group Inc. increased its holdings in Garrett Motion Inc. by 2.8%, acquiring an additional 62,844 shares, bringing its total to approximately 2.3 million shares valued at $19.3 million.
• Analyst reports indicate a mixed outlook on Garrett Motion, with BNP Paribas setting an "outperform" rating and a target price of $14.00, while Zacks Research downgraded its rating from "strong-buy" to "hold."
• Garrett Motion has recently announced a quarterly dividend of $0.06 per share, reflecting an annualized yield of 1.8%, with an ex-dividend date set for September 2nd.

Vanguard Group Inc. lifted its position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 2.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,304,014 shares of the company's stock after buying an additional 62,844 shares during the quarter. Vanguard Group Inc. owned about 1.14% of Garrett Motion worth $19,285,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GTX. Vestcor Inc bought a new position in Garrett Motion in the first quarter valued at about $61,000. Deutsche Bank AG increased its holdings in Garrett Motion by 185.5% in the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock valued at $74,000 after purchasing an additional 5,329 shares during the period. Mariner LLC lifted its holdings in Garrett Motion by 35.6% during the 4th quarter. Mariner LLC now owns 19,434 shares of the company's stock worth $175,000 after buying an additional 5,107 shares during the period. Pacific Global Investment Management Co. increased its stake in shares of Garrett Motion by 41.6% in the first quarter. Pacific Global Investment Management Co. now owns 23,568 shares of the company's stock valued at $197,000 after buying an additional 6,928 shares during the period. Finally, Banque Cantonale Vaudoise bought a new position in shares of Garrett Motion during the first quarter worth about $213,000. Institutional investors own 86.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GTX shares. BNP Paribas Exane assumed coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective on the stock. Zacks Research lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. BNP Paribas assumed coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating on the stock. Finally, BWS Financial restated a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a research note on Wednesday, June 25th. Three equities research 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 presently has an average rating of "Moderate Buy" and an average price target of $14.00.

Insider Transactions at Garrett Motion

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $13.28, for a total value of $6,640,000.00. Following the transaction, the insider directly owned 20,623,348 shares in the company, valued at approximately $273,878,061.44. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total transaction of $110,430,000.00. Following the sale, the insider directly owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. The trade was a 65.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,907,224 shares of company stock worth $157,275,679 in the last ninety days. Insiders own 0.83% of the company's stock.

Garrett Motion Trading Down 1.4%

Shares of GTX traded down $0.19 during mid-day trading on Wednesday, reaching $12.94. 750,997 shares of the stock traded hands, compared to its average volume of 2,102,394. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $13.52. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 10.18 and a beta of 0.01. The firm has a fifty day moving average price of $12.17 and a 200 day moving average price of $10.57.

Garrett Motion Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's dividend payout ratio (DPR) is currently 16.78%.

Garrett Motion 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.