Prevatt Capital Ltd Buys 500,000 Shares of Garrett Motion Inc. (NYSE:GTX)

Prevatt Capital Ltd grew its stake in shares of Garrett Motion Inc. (NYSE:GTX) by 18.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,250,000 shares of the company’s stock after purchasing an additional 500,000 shares during the quarter. Garrett Motion makes up about 8.5% of Prevatt Capital Ltd’s holdings, making the stock its 5th biggest position. Prevatt Capital Ltd owned 1.52% of Garrett Motion worth $29,348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of GTX. Quarry LP increased its holdings in shares of Garrett Motion by 180.3% in the 4th quarter. Quarry LP now owns 7,755 shares of the company’s stock valued at $70,000 after acquiring an additional 4,988 shares during the period. Deutsche Bank AG increased its stake in Garrett Motion by 185.5% in the 4th quarter. Deutsche Bank AG now owns 8,202 shares of the company’s stock valued at $74,000 after buying an additional 5,329 shares during the period. Savant Capital LLC acquired a new position in Garrett Motion in the 4th quarter valued at $96,000. KLP Kapitalforvaltning AS acquired a new position in Garrett Motion in the 4th quarter valued at $133,000. Finally, Pacific Global Investment Management Co. acquired a new position in Garrett Motion in the 4th quarter valued at $150,000. 86.27% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garrett Motion

In other news, major shareholder Special Credit Pa Centerbridge sold 349,351 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.96, for a total transaction of $3,479,535.96. Following the completion of the sale, the insider now 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $9.00, for a total transaction of $1,350,000.00. Following the sale, the insider now directly owns 25,434,957 shares of the company’s stock, valued at $228,914,613. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,264,853 shares of company stock worth $30,663,903 in the last three months. Company insiders own 0.83% of the company’s stock.

Garrett Motion Trading Up 0.8%

NYSE:GTX opened at $12.04 on Thursday. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 9.48 and a beta of -0.05. The company’s 50-day moving average is $9.26 and its two-hundred day moving average is $9.05. Garrett Motion Inc. has a 12-month low of $7.02 and a 12-month high of $12.08.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.99%. Garrett Motion’s payout ratio is currently 18.60%.

Analyst Upgrades and Downgrades

Separately, BWS Financial upped 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.

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.