Centerbridge Partners L.P. Sells 2,808,988 Shares of Garrett Motion Inc. (NYSE:GTX)

Centerbridge Partners L.P. lessened its position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) by 7.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,256,395 shares of the company's stock after selling 2,808,988 shares during the period. Garrett Motion comprises 68.0% of Centerbridge Partners L.P.'s investment portfolio, making the stock its biggest holding. Centerbridge Partners L.P. owned about 16.51% of Garrett Motion worth $318,365,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP boosted its stake in shares of Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock worth $70,000 after buying an additional 4,988 shares during the period. Savant Capital LLC purchased a new stake in shares of Garrett Motion in the fourth quarter valued at $96,000. KLP Kapitalforvaltning AS purchased a new stake in Garrett Motion in the 4th quarter worth approximately $133,000. Pacific Global Investment Management Co. purchased a new position in Garrett Motion during the fourth quarter worth about $150,000. Finally, Mariner LLC grew its holdings in Garrett Motion by 35.6% in the fourth quarter. Mariner LLC now owns 19,434 shares of the company's stock valued at $175,000 after purchasing an additional 5,107 shares during the period. Institutional investors and hedge funds own 86.27% of the company's stock.

Analyst Ratings Changes

Separately, BWS Financial lifted their price target on shares of Garrett Motion from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, May 2nd.

Insiders Place Their Bets

In other Garrett Motion news, major shareholder Special Credit Pa Centerbridge sold 349,351 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.96, for a total transaction of $3,479,535.96. Following the completion of the transaction, the insider now directly owns 10,098,173 shares of the company's stock, valued at approximately $100,577,803.08. This trade represents a 3.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the business's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $9.00, for a total value of $1,350,000.00. Following the sale, the insider now directly owns 25,434,957 shares in the company, valued at $228,914,613. This trade represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,264,853 shares of company stock valued at $30,663,903 in the last ninety days. Corporate insiders own 0.83% of the company's stock.

Garrett Motion Price Performance

GTX traded up $0.23 during trading hours on Friday, reaching $11.59. 1,924,483 shares of the stock traded hands, compared to its average volume of 1,071,911. Garrett Motion Inc. has a fifty-two week low of $7.02 and a fifty-two week high of $11.68. The firm's fifty day simple moving average is $9.10 and its two-hundred day simple moving average is $8.96. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 9.13 and a beta of -0.05.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Monday, June 2nd. Garrett Motion's payout ratio is currently 18.60%.

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.