Centerbridge Partners L.P. Decreases Position in Garrett Motion Inc. (NYSE:GTX)

Centerbridge Partners L.P. reduced its stake in Garrett Motion Inc. (NYSE:GTX) by 7.4% in the 4th quarter, HoldingsChannel reports. The firm owned 35,256,395 shares of the company’s stock after selling 2,808,988 shares during the quarter. Garrett Motion makes up 68.0% of Centerbridge Partners L.P.’s portfolio, making the stock its biggest position. Centerbridge Partners L.P. owned about 0.17% of Garrett Motion worth $318,365,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP grew its position in shares of Garrett Motion by 180.3% in the 4th 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 last quarter. Savant Capital LLC purchased a new stake in Garrett Motion during the fourth quarter worth $96,000. KLP Kapitalforvaltning AS acquired a new position in Garrett Motion during the fourth quarter worth $133,000. Pacific Global Investment Management Co. purchased a new stake in Garrett Motion during the fourth quarter worth about $150,000. Finally, Mariner LLC grew its position in shares of 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 buying an additional 5,107 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Insider Transactions at Garrett Motion

In other news, major shareholder Special Credit Pa Centerbridge sold 520,000 shares of Garrett Motion stock in a transaction on Friday, March 7th. The stock was sold at an average price of $9.41, for a total value of $4,893,200.00. Following the completion of the sale, the insider now owns 9,795,684 shares of the company’s stock, valued at $92,177,386.44. The trade was a 5.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of Garrett Motion stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total transaction of $1,350,000.00. Following the sale, the insider now owns 25,434,957 shares in the company, valued at approximately $228,914,613. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,109,853 shares of company stock worth $28,920,153 in the last ninety days. Company insiders own 0.60% of the company’s stock.

Garrett Motion Stock Up 2.8 %

Shares of GTX stock opened at $11.16 on Tuesday. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 8.79 and a beta of -0.05. Garrett Motion Inc. has a 12-month low of $7.02 and a 12-month high of $11.35. The firm has a fifty day moving average of $8.96 and a 200-day moving average of $8.87.

Garrett Motion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a $0.06 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.24 annualized dividend and a yield of 2.15%. Garrett Motion’s payout ratio is currently 18.60%.

Analysts Set New Price Targets

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.

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.