Insider Selling: Garrett Motion Inc. (NYSE:GTX) Major Shareholder Sells 51,718 Shares of Stock

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Cyrus Capital Partners, L.P. sold 51,718 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $11.63, for a total value of $601,480.34. Following the sale, the insider owned 22,931,072 shares in the company, valued at $266,688,367.36. The trade was a 0.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Cyrus Capital Partners, L.P. also recently made the following trade(s):

• On Friday, July 18th, Cyrus Capital Partners, L.P. sold 1,172 shares of Garrett Motion stock. The shares were sold at an average price of $11.76, for a total transaction of $13,782.72.
• On Thursday, July 17th, Cyrus Capital Partners, L.P. sold 24,033 shares of Garrett Motion stock. The shares were sold at an average price of $11.82, for a total transaction of $284,070.06.
• On Thursday, July 10th, Cyrus Capital Partners, L.P. sold 150,896 shares of Garrett Motion stock. The shares were sold at an average price of $11.50, for a total transaction of $1,735,304.00.
• On Monday, July 7th, Cyrus Capital Partners, L.P. sold 300,000 shares of Garrett Motion stock. The stock was sold at an average price of $11.10, for a total transaction of $3,330,000.00.
• On Wednesday, July 2nd, Cyrus Capital Partners, L.P. sold 51,865 shares of Garrett Motion stock. The stock was sold at an average price of $11.00, for a total transaction of $570,515.00.
• On Friday, June 27th, Cyrus Capital Partners, L.P. sold 1,196,526 shares of Garrett Motion stock. The shares were sold at an average price of $10.46, for a total value of $12,515,661.96.
• On Monday, May 5th, Cyrus Capital Partners, L.P. sold 155,000 shares of Garrett Motion stock. The shares were sold at an average price of $11.25, for a total transaction of $1,743,750.00.

Garrett Motion Price Performance

GTX traded up $0.12 during trading on Monday, reaching $11.72. The company had a trading volume of 199,263 shares, compared to its average volume of 1,399,047. Garrett Motion Inc. has a 12 month low of $7.02 and a 12 month high of $12.09. The business's fifty day moving average price is $10.85 and its 200 day moving average price is $9.81. The company has a market cap of $2.37 billion, a P/E ratio of 9.22 and a beta of 0.01.

Garrett Motion Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a $0.06 dividend. 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 2.05%. Garrett Motion's payout ratio is 18.60%.

Institutional Trading of Garrett Motion

Hedge funds have recently modified their holdings of the stock. Gates Capital Management Inc. bought a new position in Garrett Motion during the 4th quarter worth $40,068,000. New South Capital Management Inc. increased its stake in Garrett Motion by 65.3% during the 1st quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock worth $34,855,000 after acquiring an additional 1,645,460 shares during the period. Pacer Advisors Inc. bought a new position in Garrett Motion during the 1st quarter worth $12,945,000. Frontier Capital Management Co. LLC bought a new position in Garrett Motion during the 4th quarter worth $13,147,000. Finally, Prevatt Capital Ltd increased its holdings in Garrett Motion by 18.2% in the 4th quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock valued at $29,348,000 after buying an additional 500,000 shares during the period. Institutional investors and hedge funds own 86.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. BNP Paribas Exane assumed coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. BNP Paribas started coverage on shares of Garrett Motion in a research note on Wednesday. They issued an "outperform" rating on the stock. Finally, BWS Financial reaffirmed a "buy" rating and issued a $14.00 price target on shares of Garrett Motion in a research note on Wednesday, June 25th.

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.