Garrett Motion Inc. (NYSE:GTX) Shares Sold by Wittenberg Investment Management Inc.

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. lessened its position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 56.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 139,257 shares of the company's stock after selling 177,198 shares during the quarter. Wittenberg Investment Management Inc. owned 0.07% of Garrett Motion worth $1,166,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GTX. Vestcor Inc acquired a new position in shares of Garrett Motion during the first quarter valued at approximately $61,000. Quarry LP raised its stake in Garrett Motion by 180.3% in the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock valued at $70,000 after buying an additional 4,988 shares in the last quarter. Deutsche Bank AG grew its holdings 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 purchasing an additional 5,329 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Garrett Motion in the 4th quarter valued at about $133,000. Finally, Mariner LLC increased its position in Garrett Motion by 35.6% in the 4th quarter. Mariner LLC now owns 19,434 shares of the company's stock valued at $175,000 after acquiring an additional 5,107 shares during the period. Hedge funds and other institutional investors own 86.27% of the company's stock.

Garrett Motion Stock Down 1.4%

Shares of Garrett Motion stock traded down $0.18 during trading on Monday, hitting $12.49. 447,689 shares of the company were exchanged, compared to its average volume of 1,864,573. Garrett Motion Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $13.32. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of 9.83 and a beta of 0.01. The firm has a 50 day moving average price of $11.21 and a 200 day moving average price of $10.16.

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 given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's payout ratio is currently 16.78%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Garrett Motion

In other Garrett Motion news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the business's stock in a transaction 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 transaction, the insider directly owned 8,906,010 shares in the company, valued at approximately $91,731,903. The trade was a 25.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,196,526 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $10.46, for a total value of $12,515,661.96. Following the completion of the transaction, the insider owned 23,705,198 shares of the company's stock, valued at $247,956,371.08. This trade represents a 4.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,102,224 shares of company stock valued at $54,139,429 over the last 90 days. Insiders own 0.83% of the company's stock.

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.