Garrett Motion (NYSE:GTX) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Garrett Motion (NYSE:GTX) from a strong-buy rating to a hold rating in a report issued on Monday morning,Zacks.com reports.

Several other equities research analysts have also recently commented on GTX. BNP Paribas started coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an “outperform” rating for the company. BWS Financial reissued a “buy” rating and issued a $14.00 price objective on shares of Garrett Motion in a research note on Wednesday, June 25th. Finally, BNP Paribas Exane started coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an “outperform” rating and a $14.00 price objective for the company. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Garrett Motion presently has an average rating of “Moderate Buy” and an average price target of $14.00.

Garrett Motion Stock Down 0.7%

GTX opened at $13.17 on Monday. Garrett Motion has a 52 week low of $7.01 and a 52 week high of $13.52. The business has a 50 day moving average price of $11.92 and a two-hundred day moving average price of $10.46. The company has a market cap of $2.65 billion, a PE ratio of 10.37 and a beta of 0.01.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion’s dividend payout ratio (DPR) is currently 16.78%.

Insider Activity

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total transaction of $110,430,000.00. Following the sale, the insider 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $13.28, for a total transaction of $6,640,000.00. Following the transaction, the insider owned 20,623,348 shares in the company, valued at $273,878,061.44. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,907,224 shares of company stock valued at $157,275,679 in the last quarter. Company insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Garrett Motion

A number of institutional investors and hedge funds have recently modified their holdings of GTX. Janney Montgomery Scott LLC acquired a new position in Garrett Motion during the first quarter worth $2,722,000. SG Americas Securities LLC purchased a new position in shares of Garrett Motion in the first quarter valued at $381,000. Victory Capital Management Inc. raised its stake in shares of Garrett Motion by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company’s stock worth $10,802,000 after buying an additional 54,978 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Garrett Motion during the 1st quarter worth $12,945,000. Finally, First Trust Advisors LP boosted its position in shares of Garrett Motion by 105.1% in the 4th quarter. First Trust Advisors LP now owns 226,506 shares of the company’s stock worth $2,045,000 after buying an additional 116,086 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

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.