Insider Selling: Garrett Motion Inc. (NYSE:GTX) Major Shareholder Sells 58,829 Shares of Stock

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Cyrus Capital Partners, L.P. sold 58,829 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $11.80, for a total transaction of $694,182.20. Following the completion of the transaction, the insider owned 22,846,995 shares of the company's stock, valued at $269,594,541. This trade represents a 0.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Large 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 Monday, July 21st, Cyrus Capital Partners, L.P. sold 43 shares of Garrett Motion stock. The stock was sold at an average price of $11.76, for a total value of $505.68.
• On Friday, July 18th, Cyrus Capital Partners, L.P. sold 1,172 shares of Garrett Motion stock. The stock was 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 value of $284,070.06.
• On Wednesday, July 16th, Cyrus Capital Partners, L.P. sold 51,718 shares of Garrett Motion stock. The stock was sold at an average price of $11.63, for a total value of $601,480.34.
• On Thursday, July 10th, Cyrus Capital Partners, L.P. sold 150,896 shares of Garrett Motion stock. The stock was sold at an average price of $11.50, for a total value of $1,735,304.00.
• On Monday, July 7th, Cyrus Capital Partners, L.P. sold 300,000 shares of Garrett Motion stock. The shares were sold at an average price of $11.10, for a total value of $3,330,000.00.
• On Wednesday, July 2nd, Cyrus Capital Partners, L.P. sold 51,865 shares of Garrett Motion stock. The shares were sold at an average price of $11.00, for a total value 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 stock was sold at an average price of $11.25, for a total value of $1,743,750.00.

Garrett Motion Trading Up 6.2%

Shares of NYSE:GTX traded up $0.75 on Friday, reaching $12.94. The company had a trading volume of 3,635,060 shares, compared to its average volume of 1,862,224. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $13.08. The firm's 50 day simple moving average is $10.86 and its 200-day simple moving average is $9.92. The firm has a market capitalization of $2.62 billion, a PE ratio of 10.19 and a beta of 0.01.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.24 annualized dividend and a yield of 1.85%. Garrett Motion's dividend payout ratio (DPR) is 16.78%.

Institutional Trading of Garrett Motion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion in the 1st quarter valued at about $42,000. Vestcor Inc acquired a new position in shares of Garrett Motion during the first quarter valued at approximately $61,000. Quarry LP grew its position in Garrett Motion by 180.3% in the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock worth $70,000 after acquiring an additional 4,988 shares during the period. Deutsche Bank AG grew its position in Garrett Motion by 185.5% in the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock worth $74,000 after acquiring an additional 5,329 shares during the period. Finally, Virtu Financial LLC purchased a new position in Garrett Motion in the first quarter worth approximately $94,000. Institutional investors and hedge funds own 86.27% of the company's stock.

Analyst Upgrades and Downgrades

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