Deltec Asset Management LLC Sells 24,150 Shares of Garrett Motion Inc. $GTX

Deltec Asset Management LLC lowered its stake in shares of Garrett Motion Inc. (NYSE:GTX) by 32.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 50,000 shares of the company’s stock after selling 24,150 shares during the quarter. Deltec Asset Management LLC’s holdings in Garrett Motion were worth $526,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC grew its stake in Garrett Motion by 1.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 329,626 shares of the company’s stock valued at $3,464,000 after purchasing an additional 4,374 shares during the period. Kathmere Capital Management LLC purchased a new position in shares of Garrett Motion during the 2nd quarter valued at $133,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Garrett Motion during the 2nd quarter valued at $427,000. Assenagon Asset Management S.A. lifted its position in shares of Garrett Motion by 574.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 534,744 shares of the company’s stock valued at $5,620,000 after buying an additional 455,411 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in Garrett Motion during the 2nd quarter worth approximately $166,000. Institutional investors own 86.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Stifel Nicolaus assumed coverage on Garrett Motion in a research report on Friday, September 19th. They set a “buy” rating and a $17.50 price target on the stock. BNP Paribas Exane assumed coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an “outperform” rating and a $14.00 price target on the stock. BNP Paribas assumed coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an “outperform” rating on the stock. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 25th. Finally, BWS Financial raised their price target on Garrett Motion from $14.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Garrett Motion currently has an average rating of “Moderate Buy” and an average price target of $16.50.

Insiders Place Their Bets

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $13.00, for a total value of $16,900,000.00. Following the completion of the sale, the insider owned 21,128,348 shares of the company’s stock, valued at approximately $274,668,524. This trade represents a 5.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $12.27, for a total value of $110,430,000.00. Following the completion of the sale, the insider directly owned 4,740,569 shares of the company’s stock, valued at approximately $58,166,781.63. The trade was a 65.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,272,236 shares of company stock valued at $152,322,816 in the last quarter. 0.60% of the stock is owned by company insiders.

Garrett Motion Stock Up 2.7%

GTX opened at $13.62 on Wednesday. The business has a 50 day moving average of $13.07 and a 200-day moving average of $11.12. The stock has a market cap of $2.75 billion, a PE ratio of 10.72 and a beta of 0.27. Garrett Motion Inc. has a 52 week low of $7.01 and a 52 week high of $14.01.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.06 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 1.8%. Garrett Motion’s payout ratio is presently 16.78%.

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.