Gates Capital Management Inc. Takes Position in Garrett Motion Inc. (NYSE:GTX)

Gates Capital Management Inc. purchased a new position in Garrett Motion Inc. (NYSE:GTX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,437,259 shares of the company's stock, valued at approximately $40,068,000. Garrett Motion accounts for about 0.8% of Gates Capital Management Inc.'s investment portfolio, making the stock its 28th biggest position. Gates Capital Management Inc. owned approximately 2.08% of Garrett Motion at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quarry LP grew its position in shares of Garrett Motion by 180.3% during the 4th quarter. Quarry LP now owns 7,755 shares of the company's stock valued at $70,000 after purchasing an additional 4,988 shares in the last quarter. Deutsche Bank AG raised its stake 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 valued at $74,000 after acquiring an additional 5,329 shares during the last quarter. Savant Capital LLC bought a new position in Garrett Motion in the fourth quarter worth about $96,000. KLP Kapitalforvaltning AS bought a new position in Garrett Motion in the fourth quarter worth about $133,000. Finally, Pacific Global Investment Management Co. bought a new position in Garrett Motion in the fourth quarter worth about $150,000. Institutional investors own 86.27% of the company's stock.

Insider Activity at Garrett Motion

In other news, major shareholder Special Credit Pa Centerbridge sold 88,061 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $9.94, for a total value of $875,326.34. Following the completion of the sale, the insider now directly owns 10,395,183 shares in the company, valued at $103,328,119.02. This represents a 0.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,502,441 shares of Garrett Motion stock in a transaction on Monday, April 14th. The shares were sold at an average price of $9.05, for a total value of $13,597,091.05. Following the transaction, the insider now owns 25,834,957 shares in the company, valued at $233,806,360.85. This trade represents a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,264,853 shares of company stock valued at $30,663,903 over the last 90 days. Corporate insiders own 0.83% of the company's stock.

Garrett Motion Trading Up 0.7%

GTX traded up $0.09 during midday trading on Wednesday, reaching $12.04. The company's stock had a trading volume of 370,347 shares, compared to its average volume of 1,080,774. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 9.45 and a beta of -0.05. Garrett Motion Inc. has a 1 year low of $7.02 and a 1 year high of $12.22. The stock's 50-day moving average is $9.21 and its 200-day moving average is $9.03.

Garrett Motion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Monday, June 2nd. Garrett Motion's dividend payout ratio (DPR) is currently 18.60%.

Analysts Set New Price Targets

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

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.