Assenagon Asset Management S.A. Has $5.62 Million Stake in Garrett Motion Inc. $GTX

Assenagon Asset Management S.A. raised its holdings in Garrett Motion Inc. (NYSE:GTX) by 574.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 534,744 shares of the company’s stock after buying an additional 455,411 shares during the period. Assenagon Asset Management S.A. owned about 0.26% of Garrett Motion worth $5,620,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Janney Montgomery Scott LLC bought a new stake in Garrett Motion in the 1st quarter valued at $2,722,000. SG Americas Securities LLC bought a new position in shares of Garrett Motion in the first quarter valued at about $381,000. Vanguard Group Inc. lifted its stake in shares of Garrett Motion by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company’s stock worth $19,285,000 after buying an additional 62,844 shares during the last quarter. Victory Capital Management Inc. boosted its holdings 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 period. Finally, OMERS ADMINISTRATION Corp grew its stake in Garrett Motion by 296.5% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 253,150 shares of the company’s stock valued at $2,119,000 after buying an additional 189,300 shares during the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GTX shares. Zacks Research cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, August 25th. BNP Paribas Exane started coverage on Garrett Motion in a research note on Wednesday, July 16th. They issued an “outperform” rating and a $14.00 price target for the company. BWS Financial reiterated a “buy” rating and set a $14.00 price objective on shares of Garrett Motion in a research report on Wednesday, June 25th. Stifel Nicolaus assumed coverage on shares of Garrett Motion in a research report on Friday, September 19th. They issued a “buy” rating and a $17.50 target price for the company. Finally, BNP Paribas started coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an “outperform” rating on the stock. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $15.17.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $12.27, for a total value of $110,430,000.00. Following the completion of the transaction, the insider owned 4,740,569 shares of the company’s stock, valued at $58,166,781.63. This represents a 65.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $13.00, for a total value of $16,900,000.00. Following the sale, the insider directly owned 21,128,348 shares in the company, valued at $274,668,524. The trade was a 5.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,520,627 shares of company stock valued at $165,408,993 over the last quarter. Company insiders own 0.83% of the company’s stock.

Garrett Motion Trading Down 2.2%

Shares of NYSE GTX opened at $13.68 on Thursday. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 10.77 and a beta of 0.27. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $14.01. The stock has a 50-day moving average price of $12.92 and a two-hundred day moving average price of $10.98.

Garrett Motion Dividend Announcement

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

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.