VELA Investment Management LLC Takes $883,000 Position in Garrett Motion Inc. (NYSE:GTX)

VELA Investment Management LLC acquired a new stake in shares of Garrett Motion Inc. (NYSE:GTX) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 97,821 shares of the company’s stock, valued at approximately $883,000.

Several other hedge funds have also recently added to or reduced their stakes in GTX. Assenagon Asset Management S.A. acquired a new position in Garrett Motion in the third quarter worth about $1,204,000. Atria Investments Inc acquired a new position in Garrett Motion in the third quarter worth about $237,000. Covestor Ltd acquired a new position in Garrett Motion in the third quarter worth about $28,000. Entropy Technologies LP raised its position in Garrett Motion by 17.0% in the third quarter. Entropy Technologies LP now owns 17,915 shares of the company’s stock worth $147,000 after purchasing an additional 2,600 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Garrett Motion in the third quarter worth about $616,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Garrett Motion Trading Down 2.3 %

Shares of Garrett Motion stock opened at $9.76 on Friday. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 7.69 and a beta of 1.15. Garrett Motion Inc. has a 1-year low of $7.13 and a 1-year high of $10.39. The firm’s 50-day moving average price is $9.34 and its two-hundred day moving average price is $8.58.

Garrett Motion Dividend Announcement

The company also recently disclosed a — dividend, which was paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th were paid a dividend of $0.06 per share. The ex-dividend date was Wednesday, January 15th. This represents a yield of 2.7%. Garrett Motion’s dividend payout ratio is 18.90%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reissued a “buy” rating and issued a $12.00 price target on shares of Garrett Motion in a research report on Tuesday.

Insiders Place Their Bets

In other Garrett Motion news, major shareholder Special Credit Pa Centerbridge sold 88,061 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $9.94, for a total transaction of $875,326.34. Following the sale, the insider now directly owns 10,395,183 shares of the company’s stock, valued at approximately $103,328,119.02. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.60% of the company’s stock.

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.