William Blair Investment Management LLC Has $53.71 Million Holdings in Garrett Motion Inc. $GTX

Key Points

• William Blair Investment Management LLC has increased its holdings in Garrett Motion Inc. by 2.6%, owning approximately 5.11 million shares valued at $53.71 million.
• Several brokerages have issued positive ratings for Garrett Motion, with a consensus rating of "Buy" and a price target of $16.50.
• The company recently announced a dividend of $0.06 per share, resulting in an annualized yield of 1.9% and reflecting a payout ratio of 16.78%.

William Blair Investment Management LLC lifted its position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 2.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,110,528 shares of the company's stock after purchasing an additional 128,479 shares during the quarter. William Blair Investment Management LLC owned approximately 2.52% of Garrett Motion worth $53,712,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Jones Financial Companies Lllp acquired a new stake in shares of Garrett Motion during the 1st quarter worth approximately $42,000. Vestcor Inc bought a new stake in Garrett Motion in the first quarter valued at $61,000. Deutsche Bank AG raised its stake in Garrett Motion by 14.4% during the first quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock worth $79,000 after acquiring an additional 1,181 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Garrett Motion during the first quarter valued at $94,000. Finally, Kathmere Capital Management LLC bought a new position in shares of Garrett Motion during the second quarter valued at $133,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on GTX. BNP Paribas began coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating for the company. BNP Paribas Exane began coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. Zacks Research raised Garrett Motion from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 1st. Stifel Nicolaus began coverage on Garrett Motion in a report on Friday, September 19th. They set a "buy" rating and a $17.50 price objective for the company. Finally, BWS Financial lifted their price objective on Garrett Motion from $14.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat, Garrett Motion currently has a consensus rating of "Buy" and a consensus price target of $16.50.

Garrett Motion Stock Down 0.5%

GTX stock opened at $12.75 on Friday. The company has a market cap of $2.57 billion, a P/E ratio of 10.04 and a beta of 0.37. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $14.02. The business has a fifty day moving average of $13.16 and a 200-day moving average of $11.52.

Garrett Motion Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.06 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.9%. Garrett Motion's payout ratio is presently 16.78%.

Insiders Place Their Bets

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $12.27, for a total value of $110,430,000.00. Following the completion of the sale, the insider owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $13.28, for a total value of $4,655,516.48. Following the completion of the sale, the insider owned 20,009,945 shares of the company's stock, valued at $265,732,069.60. This represents a 1.72% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,744,417 shares of company stock valued at $146,358,179. 0.83% of the stock is currently owned by corporate insiders.

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.

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