Victory Capital Management Inc. Increases Holdings in Garrett Motion Inc. (NYSE:GTX)

Victory Capital Management Inc. lifted its position in Garrett Motion Inc. (NYSE:GTX - Free Report) by 4.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,290,509 shares of the company's stock after acquiring an additional 54,978 shares during the quarter. Victory Capital Management Inc. owned 0.63% of Garrett Motion worth $10,802,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in Garrett Motion by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 303,054 shares of the company's stock worth $2,537,000 after acquiring an additional 6,577 shares in the last quarter. VELA Investment Management LLC raised its holdings in Garrett Motion by 22.9% during the first quarter. VELA Investment Management LLC now owns 120,192 shares of the company's stock worth $1,006,000 after purchasing an additional 22,371 shares in the last quarter. Meritage Portfolio Management acquired a new stake in Garrett Motion during the first quarter worth approximately $2,182,000. New South Capital Management Inc. increased its holdings in shares of Garrett Motion by 65.3% in the 1st quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock valued at $34,855,000 after acquiring an additional 1,645,460 shares during the period. Finally, Pacific Global Investment Management Co. grew its position in 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 buying an additional 6,928 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company's stock.

Analyst Ratings Changes

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

Insider Activity

In other news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $10.30, for a total value of $30,900,000.00. Following the completion of the sale, the insider directly owned 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 58,829 shares of Garrett Motion stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $11.80, for a total value of $694,182.20. Following the completion of the sale, the insider owned 22,846,995 shares of the company's stock, valued at approximately $269,594,541. The trade was a 0.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,990,082 shares of company stock worth $52,389,252 over the last ninety days. 0.83% of the stock is owned by corporate insiders.

Garrett Motion Stock Up 6.2%

NYSE:GTX traded up $0.75 during mid-day trading on Friday, hitting $12.94. 3,635,060 shares of the stock traded hands, compared to its average volume of 1,862,224. Garrett Motion Inc. has a 52 week low of $7.01 and a 52 week high of $13.08. The firm's 50 day moving average is $10.86 and its two-hundred day moving average is $9.91. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 10.19 and a beta of 0.01.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's dividend payout ratio is currently 16.78%.

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.