Knights of Columbus Asset Advisors LLC Cuts Stake in Garrett Motion Inc. $GTX

Knights of Columbus Asset Advisors LLC cut its holdings in Garrett Motion Inc. (NYSE:GTX) by 2.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 220,215 shares of the company’s stock after selling 4,910 shares during the quarter. Knights of Columbus Asset Advisors LLC owned 0.11% of Garrett Motion worth $2,314,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janney Montgomery Scott LLC purchased a new position in shares of Garrett Motion in the first quarter valued at $2,722,000. SG Americas Securities LLC purchased a new position in shares of Garrett Motion in the first quarter valued at $381,000. Vanguard Group Inc. grew its holdings in shares of Garrett Motion by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company’s stock valued at $19,285,000 after purchasing an additional 62,844 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Garrett Motion by 4.4% in the first quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company’s stock valued at $10,802,000 after purchasing an additional 54,978 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp grew its holdings in shares of Garrett Motion by 296.5% in the first quarter. OMERS ADMINISTRATION Corp now owns 253,150 shares of the company’s stock valued at $2,119,000 after purchasing an additional 189,300 shares in the last quarter. 86.27% of the stock is owned by hedge funds and other institutional investors.

Garrett Motion Trading Down 0.1%

NYSE:GTX opened at $13.45 on Tuesday. Garrett Motion Inc. has a twelve month low of $7.01 and a twelve month high of $14.02. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 10.59 and a beta of 0.37. The stock has a fifty day simple moving average of $13.16 and a 200-day simple moving average of $11.27.

Garrett Motion Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Tuesday, September 2nd. Garrett Motion’s dividend payout ratio (DPR) is 16.78%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GTX shares. Stifel Nicolaus began coverage on shares of Garrett Motion in a report on Friday, September 19th. They issued a “buy” rating and a $17.50 target price for the company. 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, September 30th. BNP Paribas began coverage on Garrett Motion in a research report on Wednesday, July 16th. They issued an “outperform” rating for the company. Zacks Research upgraded Garrett Motion from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. Finally, BNP Paribas Exane began coverage on Garrett Motion in a research report on Wednesday, July 16th. They issued an “outperform” rating and a $14.00 price target for the company. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $16.50.

Insider Buying and Selling at Garrett Motion

In other news, 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 transaction of $110,430,000.00. Following the completion of the sale, the insider directly owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. This trade represents a 65.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of Garrett Motion stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $13.28, for a total value of $4,655,516.48. Following the sale, the insider owned 20,009,945 shares of the company’s stock, valued at approximately $265,732,069.60. This trade represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,972,236 shares of company stock valued at $148,992,816. Corporate 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.