Wittenberg Investment Management Inc. Lowers Stock Position in Garrett Motion Inc. (NYSE:GTX)

Key Points

• Wittenberg Investment Management Inc. has reduced its stake in Garrett Motion Inc. by 56%, holding 139,257 shares after selling 177,198 shares, representing approximately $1.17 million in value.
• Institutional investors own 86.27% of Garrett Motion's stock, with several hedge funds increasing their positions, such as New South Capital Management Inc., which boosted its stake by 65.3%.
• Garrett Motion has announced a quarterly dividend of $0.06 per share, with the ex-dividend date set for September 2nd, indicating an annualized yield of 1.9%.

Wittenberg Investment Management Inc. trimmed its holdings in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 56.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 139,257 shares of the company's stock after selling 177,198 shares during the period. Wittenberg Investment Management Inc. owned about 0.07% of Garrett Motion worth $1,166,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GTX. Gates Capital Management Inc. purchased a new position in shares of Garrett Motion in the 4th quarter valued at about $40,068,000. New South Capital Management Inc. lifted its stake in 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 buying an additional 1,645,460 shares in the last quarter. Prevatt Capital Ltd grew its holdings in Garrett Motion by 18.2% during the 4th quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock valued at $29,348,000 after buying an additional 500,000 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Garrett Motion by 10.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,866,826 shares of the company's stock worth $25,886,000 after buying an additional 278,107 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Garrett Motion by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company's stock worth $19,285,000 after buying an additional 62,844 shares in the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 90,542 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $13.05, for a total value of $1,181,573.10. Following the transaction, the insider directly owned 22,580,758 shares of the company's stock, valued at $294,678,891.90. This trade represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 5,102,224 shares of company stock worth $54,139,429. 0.83% of the stock is currently owned by corporate insiders.

Garrett Motion Price Performance

Garrett Motion stock opened at $12.57 on Thursday. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 9.90 and a beta of 0.01. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $13.32. The stock's 50-day moving average is $11.13 and its 200-day moving average is $10.11.

Garrett Motion Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's dividend payout ratio is 16.78%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.