Garrett Motion Inc. (NYSE:GTX) Stock Position Reduced by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its stake in shares of Garrett Motion Inc. (NYSE:GTX) by 39.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 171,454 shares of the company’s stock after selling 109,511 shares during the quarter. Teacher Retirement System of Texas owned about 0.08% of Garrett Motion worth $1,435,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Arizona State Retirement System boosted its position in Garrett Motion by 11.4% during the fourth quarter. Arizona State Retirement System now owns 25,362 shares of the company’s stock valued at $229,000 after purchasing an additional 2,586 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Garrett Motion by 5.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 72,919 shares of the company’s stock worth $653,000 after buying an additional 3,774 shares in the last quarter. HighTower Advisors LLC grew its position in Garrett Motion by 14.3% during the fourth quarter. HighTower Advisors LLC now owns 31,101 shares of the company’s stock worth $281,000 after buying an additional 3,880 shares in the last quarter. Quarry LP boosted its holdings in Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company’s stock valued at $70,000 after purchasing an additional 4,988 shares in the last quarter. Finally, Mariner LLC boosted its holdings in Garrett Motion by 35.6% during the fourth quarter. Mariner LLC now owns 19,434 shares of the company’s stock valued at $175,000 after purchasing an additional 5,107 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a “buy” rating and issued a $14.00 target price on shares of Garrett Motion in a research note on Wednesday, June 25th.

Insider Buying and Selling

In other Garrett Motion news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the 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 transaction, the insider owned 8,906,010 shares of the company’s stock, valued at approximately $91,731,903. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,896 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $11.50, for a total value of $1,735,304.00. Following the sale, the insider owned 22,982,790 shares of the company’s stock, valued at $264,302,085. This represents a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,506,728 shares of company stock valued at $65,742,322 in the last 90 days. 0.83% of the stock is currently owned by corporate insiders.

Garrett Motion Stock Down 1.8%

Shares of NYSE GTX opened at $11.28 on Friday. The firm has a market cap of $2.29 billion, a PE ratio of 8.88 and a beta of 0.01. Garrett Motion Inc. has a 12-month low of $7.02 and a 12-month high of $12.09. The company’s fifty day simple moving average is $10.83 and its 200 day simple moving average is $9.72.

Garrett Motion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.13%. Garrett Motion’s dividend payout ratio (DPR) is presently 18.60%.

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.