Assenagon Asset Management S.A. Cuts Stock Position in Garrett Motion Inc. (NYSE:GTX)

Assenagon Asset Management S.A. lessened its holdings in Garrett Motion Inc. (NYSE:GTX) by 59.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 79,333 shares of the company’s stock after selling 114,982 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Garrett Motion were worth $664,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GTX. Handelsbanken Fonder AB lifted its holdings in shares of Garrett Motion by 32.4% during the first quarter. Handelsbanken Fonder AB now owns 42,100 shares of the company’s stock worth $352,000 after purchasing an additional 10,300 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Garrett Motion in the first quarter valued at approximately $381,000. DHK Financial Advisors Inc. purchased a new stake in shares of Garrett Motion in the first quarter valued at approximately $445,000. California State Teachers Retirement System increased its position in shares of Garrett Motion by 9.2% during the fourth quarter. California State Teachers Retirement System now owns 75,376 shares of the company’s stock worth $681,000 after purchasing an additional 6,326 shares in the last quarter. Finally, PharVision Advisers LLC purchased a new stake in shares of Garrett Motion during the fourth quarter worth approximately $297,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Garrett Motion Stock Down 0.2%

Shares of Garrett Motion stock opened at $10.19 on Thursday. Garrett Motion Inc. has a 52 week low of $7.02 and a 52 week high of $12.09. The business’s fifty day simple moving average is $10.34 and its 200-day simple moving average is $9.53. The firm has a market cap of $2.06 billion, a PE ratio of 8.02 and a beta of 0.01.

Garrett Motion Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $0.06 dividend. The ex-dividend date was Monday, June 2nd. This represents a $0.24 annualized dividend and a dividend yield of 2.36%. Garrett Motion’s dividend payout ratio is presently 18.60%.

Insider Activity at Garrett Motion

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the company’s stock in a transaction dated 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 owns 25,434,957 shares in the company, valued at $228,914,613. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $10.30, for a total value of $30,900,000.00. Following the sale, the insider now owns 8,906,010 shares in the company, valued at approximately $91,731,903. This trade represents a 25.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,807,441 shares of company stock worth $47,590,841. 0.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, BWS Financial boosted their price objective on 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 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.